8QLWHG 6WDWHV 5HJLRQ  (3$%

(QYLURQPHQWDO 3URWHFWLRQ ,OOLQRLV ,QGLDQD 0LFKLJDQ 0DUFK 

$JHQF\ 0LQQHVRWD 2KLR

:LVFRQVLQ

(3$ ,OOHJDO'XPSLQJ

3UHYHQWLRQ*XLGHERRN
,OOHJDO'XPSLQJ3UHYHQWLRQ*XLGHERRN

(3$%

0DUFK

86(3$5HJLRQ

:DVWH3HVWLFLGHVDQG7R[LFV'LYLVLRQ

:HVW-DFNVRQ%RXOHYDUG':-

&KLFDJR,OOLQRLV

)RUDGGLWLRQDOFRSLHVRIWKLVGRFXPHQW

ZULWHWKHDERYHDGGUHVVRUFDOO

5HF\FOHG5HF\FODEOH  3ULQWHG ZLWK VR\EDVHG LQNV

RQ  UHF\FOHG SDSHU  SRVWFRQVXPHU
L

&217(176

,1752'8&7,21  

1$785( 2) 7+( 352%/(0  

:KDW LV LOOHJDO GXPSLQJ"  

:KR LOOHJDOO\ GXPSV ZDVWH"  

:K\ LV LOOHJDO GXPSLQJ D SUREOHP"  

:KDW IDFWRUV FRQWULEXWH WR WKH SUREOHP"  

'HPRJUDSKLFV  

3K\VLFDO &KDUDFWHULVWLFV  

/DFN RI $OWHUQDWLYH :DVWH 'LVSRVDO DQG 5HF\FOLQJ 3URJUDPV  

/DFN RI 6ROLG :DVWH &RGHV DQG 2UGLQDQFHV  

'(9(/23,1* $ 35(9(17,21 352*5$0  

/HDGHUVKLS DQG 6XSSRUW E\ /RFDO 2IILFLDOV  

&RRSHUDWLRQ $PRQJ $XWKRULWLHV &RPPXQLWLHV DQG ,QGXVWU\  

$Q ,QWHJUDWHG $SSURDFK  

3XEOLFL]LQJ 6XFFHVV  

$9$,/$%/( 5(6285&(6  

(;$03/(6 2) 5(6285&( $&48,6,7,21 )25 ,//(*$/ '803,1* 352*5$06  

86,1* 7+( 722/.,7                                                                

,//(*$/ '803,1* 35(9(17,21 722/.,7                                             

6,7( 0$,17(1$1&( $1' &21752/6

&OHDQXS (IIRUWV                                                               

.HHSLQJ 6LWHV &OHDQ                                                           

&20081,7< 2875($&+ $1' ,192/9(0(17

&RPPXQLW\ 3URJUDPV                                                          

(IIHFWLYH 2XWUHDFK DQG (GXFDWLRQ                                                 

7$5*(7(' (1)25&(0(17

2UGLQDQFHV                                                                  

'HGLFDWHG (QIRUFHPHQW DQG 3URVHFXWLRQ                                           

)LHOG 2SHUDWLRQV                                                              

352*5$0 0($685(0(17

7UDFNLQJ DQG (YDOXDWLRQ                                                        


,1752'8&7,21

,OOHJDO GXPSLQJ DOVR NQRZQ DV ¦IO\ GXPSLQJ§ ¦PLGQLJKW GXPSLQJ§ RU ¦ZLOGFDW GXPSLQJ§ LV D PDMRU

SUREOHP LQ PDQ\ FRPPXQLWLHV WKURXJKRXW WKH 8QLWHG 6WDWHV ,W UDLVHV VLJQLILFDQW FRQFHUQV UHJDUGLQJ

SXEOLF KHDOWK DQG VDIHW\ SURSHUW\ YDOXHV DQG TXDOLW\ RI OLIH $Q HIIHFWLYH LOOHJDO GXPSLQJ SUHYHQWLRQ

SURJUDP PXVW EH FXVWRPL]HG WR DGGUHVV WKH IDFWRUV FRQWULEXWLQJ WR WKH SUREOHP LQ D JLYHQ FRPPXQLW\

7KLV JXLGHERRN FRQWDLQV JHQHUDO LQIRUPDWLRQ DERXW LOOHJDO GXPSLQJ DQG JXLGDQFH IRU GHYHORSLQJ D

SUHYHQWLRQ SURJUDP $ ¦WRRONLW§ RI SUDFWLFHV WKDW KDYH SURYHQ HIIHFWLYH LQ FRPEDWLQJ LOOHJDO GXPSLQJ LV

LQFOXGHG DORQJ ZLWK FDVH VWXGLHV GHWDLOLQJ VXFFHVVIXO LPSOHPHQWDWLRQ RI WKHVH SUDFWLFHV

7KLV JXLGHERRN LV LQWHQGHG IRU XVH E\

 6WDWH WULEDO FRXQW\ DQG ORFDO JRYHUQPHQW DXWKRULWLHV

 &RPPXQLW\ JURXSV DQG FLYLF RUJDQL]DWLRQV

 ,QGXVWU\

 8WLOLWLHV VXFK DV UDLOURDGV DQG SRZHU FRPSDQLHV

7KH LQIRUPDWLRQ SUHVHQWHG LQ WKLV JXLGHERRN LV EDVHG RQ D VWXG\ FRQGXFWHG WR FKDUDFWHUL]H LOOHJDO GXPSLQJ

LQ XUEDQ DQG UXUDO DUHDV WKURXJKRXW WKH XSSHU 0LGZHVW 7KH VWXG\ LQFOXGHG WRXUV RI QHLJKERUKRRGV DQG

LQWHUYLHZV ZLWK ORFDO JRYHUQPHQW RIILFLDOV FRPPXQLW\ JURXSV DQG LQGXVWU\ UHSUHVHQWDWLYHV ,Q DGGLWLRQ D

OLWHUDWXUH DQG ,QWHUQHW VHDUFK ZDV FRQGXFWHG WR JDWKHU LQIRUPDWLRQ RQ VXFFHVVIXO LOOHJDO GXPSLQJ

SUHYHQWLRQ SURJUDPV 2YHU  LQGLYLGXDOV IURP FRPPXQLWLHV QRQSURILW RUJDQL]DWLRQV FRUSRUDWLRQV DQG

JRYHUQPHQW DJHQFLHV SHHUUHYLHZHG WKLV JXLGHERRN DQG SURYLGHG LQYDOXDEOH VXJJHVWLRQV IRU LWV FRQWHQW

7KLV JXLGHERRN FDQ EH IRXQG RQ WKH :RUOG :LGH :HE DW KWWSZZZHSDJRYUHJLRQ DQG ZLOO EH XSGDWHG

DV QHZ LQIRUPDWLRQ RQ LQQRYDWLYH SUHYHQWLRQ SURJUDPV LV GLVFRYHUHG

1$785( 2) 7+( 352%/(0

:KDW LV LOOHJDO GXPSLQJ"

,OOHJDO GXPSLQJ LV GLVSRVDO RI ZDVWH LQ DQ XQSHUPLWWHG DUHD ,W LV DOVR UHIHUUHG WR DV ¦RSHQ GXPSLQJ§ ¦IO\

GXPSLQJ§ DQG ¦PLGQLJKW GXPSLQJ§ EHFDXVH PDWHULDOV DUH RIWHQ GXPSHG LQ RSHQ DUHDV IURP YHKLFOHV

DORQJ URDGVLGHV DQG ODWH DW QLJKW ,OOHJDOO\ GXPSHG ZDVWHV DUH SULPDULO\ QRQKD]DUGRXV PDWHULDOV WKDW DUH

GXPSHG WR DYRLG HLWKHU GLVSRVDO IHHV RU WKH WLPH DQG HIIRUW UHTXLUHG IRU SURSHU GLVSRVDO 7KHVH PDWHULDOV

W\SLFDOO\ LQFOXGH

 &RQVWUXFWLRQ DQG GHPROLWLRQ ZDVWH VXFK DV GU\ZDOO URRILQJ VKLQJOHV OXPEHU EULFNV FRQFUHWH DQG

VLGLQJ

 $EDQGRQHG DXWRPRELOHV DXWR SDUWV DQG VFUDS WLUHV


7LUHV DQG GHPROLWLRQ GHEULV LOOHJDOO\ GXPSHG DW D

YDFDQW LQGXVWULDO VLWH

'UXPV RI LQGXVWULDO ZDVWH DW DQ LOOHJDO GXPS VLWH

 $SSOLDQFHV RU ¦ZKLWH JRRGV§

 )XUQLWXUH

 <DUG ZDVWH

 +RXVHKROG WUDVK

 0HGLFDO ZDVWH

:DVWHV VXFK DV VFUDS WLUHV EXON\ LWHPV DQG \DUG ZDVWH

PD\ EH LOOHJDOO\ GXPSHG EHFDXVH WKH\ DUH EDQQHG IURP

ODQGILOOV DQG WKHLU SURSHU PDQDJHPHQW FDQ EH FRVWO\

5HVLGHQWLDO DQG FRPPHUFLDO ZDVWHV PD\ EH LOOHJDOO\

GXPSHG LQ DUHDV WKDW ODFN RU KDYH FRVWO\ SLFNXS VHUYLFH

6LWHV XVHG IRU LOOHJDO GXPSLQJ YDU\ EXW PD\ LQFOXGH DEDQGRQHG LQGXVWULDO UHVLGHQWLDO RU FRPPHUFLDO

EXLOGLQJV YDFDQW ORWV RQ SXEOLF RU SULYDWH SURSHUW\ DQG LQIUHTXHQWO\ XVHG DOOH\V RU URDGZD\V %HFDXVH RI

WKHLU DFFHVVLELOLW\ DQG SRRU OLJKWLQJ DUHDV DORQJ UXUDO URDGV DQG UDLOZD\V DUH SDUWLFXODUO\ YXOQHUDEOH ,OOHJDO

GXPSLQJ FDQ RFFXU DW DQ\ WLPH RI GD\ EXW LV PRUH FRPPRQ DW QLJKW RU LQ WKH HDUO\ PRUQLQJ KRXUV GXULQJ

ZDUPHU PRQWKV

,I QRW DGGUHVVHG LOOHJDO GXPSV RIWHQ DWWUDFW PRUH ZDVWH SRWHQWLDOO\ LQFOXGLQJ KD]DUGRXV ZDVWHV VXFK DV

DVEHVWRV KRXVHKROG FKHPLFDOV DQG SDLQWV DXWRPRWLYH IOXLGV DQG FRPPHUFLDO RU LQGXVWULDO ZDVWHV

:KR LOOHJDOO\ GXPSV ZDVWH"

,W LV GLIILFXOW WR SURILOH D ¦W\SLFDO§ LOOHJDO GXPSHU

+RZHYHU RIIHQGHUV FDQ LQFOXGH

 &RQVWUXFWLRQ GHPROLWLRQ UHPRGHOLQJ URRILQJ

RU ODQGVFDSLQJ FRQWUDFWRUV

 :DVWH PDQDJHPHQW FRPSDQLHV RU JHQHUDO

KDXOLQJ FRQWUDFWRUV

 2SHUDWRUV RI WUDQVIHU VWDWLRQV RU MXQN\DUGV

 $XWRPRELOH UHSDLU RU WLUH VKRSV

 6FUDS FROOHFWRUV

 /RFDO UHVLGHQWV DQG ¦GRLW\RXUVHOIHUV§


$EDQGRQHG XQSHUPLWWHG UHF\FOLQJ IDFLOLW\

,OOHJDOO\ GXPSHG WLUHV DORQJ D FUHHN

$Q LQGLYLGXDO PD\ FODLP WR EH RSHUDWLQJ D WUDQVIHU

VWDWLRQ RU UHF\FOLQJ EXVLQHVV DQG DFFHSW ZDVWH DW DQ

XQSHUPLWWHG IDFLOLW\ RQO\ WR DEDQGRQ WKH IDFLOLW\ ZKHQ LW

UHDFKHV FDSDFLW\ $ UHVLGHQW PD\ GXPS ZDVWHV WKDW GLG

QRW JHW SLFNHG XS E\ ORFDO ZDVWH KDXOHUV VXFK DV EXON\

LWHPV FDUSHWLQJ RU KRXVHKROG KD]DUGRXV ZDVWHV ,Q

PDQ\ FDVHV LOOHJDO GXPSHUV DUH EUHDNLQJ RWKHU ODZV

UHODWLQJ WR YHKLFOH OLFHQVLQJ LQVXUDQFH GUXJ

SRVVHVVLRQ RU WKHIW

:K\ LV LOOHJDO GXPSLQJ D SUREOHP"

7KH KHDOWK ULVNV DVVRFLDWHG ZLWK LOOHJDO GXPSLQJ DUH VLJQLILFDQW $UHDV XVHG IRU LOOHJDO GXPSLQJ PD\ EH

HDVLO\ DFFHVVLEOH WR SHRSOH HVSHFLDOO\ FKLOGUHQ ZKR DUH YXOQHUDEOH WR WKH SK\VLFDO SURWUXGLQJ QDLOV RU

VKDUS HGJHV DQG FKHPLFDO KDUPIXO IOXLGV RU GXVW KD]DUGV SRVHG E\ ZDVWHV 5RGHQWV LQVHFWV DQG

RWKHU YHUPLQ DWWUDFWHG WR GXPS VLWHV PD\ DOVR SRVH KHDOWK ULVNV 'XPS VLWHV ZLWK VFUDS WLUHV SURYLGH DQ

LGHDO EUHHGLQJ JURXQG IRU PRVTXLWRHV ZKLFK FDQ PXOWLSO\  WLPHV IDVWHU WKDQ QRUPDO LQ WKH ZDUP

VWDJQDQW ZDWHU VWDQGLQJ LQ VFUDS WLUH FDVLQJV 6HYHUH LOOQHVVHV LQFOXGLQJ HQFHSKDOLWLV DQG GHQJXH IHYHU

KDYH EHHQ DWWULEXWHG WR GLVHDVHFDUU\LQJ PRVTXLWRHV RULJLQDWLQJ IURP VFUDS WLUH SLOHV ,Q DGGLWLRQ

FRXQWOHVV QHLJKERUKRRGV KDYH EHHQ HYDFXDWHG DQG SURSHUW\ GDPDJH KDV EHHQ VLJQLILFDQW EHFDXVH RI

GXPS VLWHV WKDW FDXJKW ILUH HLWKHU E\ VSRQWDQHRXV FRPEXVWLRQ RU PRUH FRPPRQO\ E\ DUVRQ ,OOHJDO

GXPSLQJ FDQ LPSDFW SURSHU GUDLQDJH RI UXQRII PDNLQJ DUHDV PRUH VXVFHSWLEOH WRIORRGLQJ ZKHQ ZDVWHV

EORFN UDYLQHV FUHHNV FXOYHUWV DQG GUDLQDJH EDVLQV ,Q UXUDO DUHDV RSHQ EXUQLQJ DW GXPS VLWHV FDQ

FDXVH IRUHVW ILUHV DQG VHYHUH HURVLRQ DV ILUHV EXUQ DZD\ WUHHV DQG XQGHUJURZWK 'XPSLQJ DFWLYLWLHV LQ

VXFK DUHDV FDQ DOVR KDYH D QHJDWLYH LPSDFW RQ SODQWV DQG ZLOGOLIH $GGLWLRQDOO\ UXQRII IURP GXPS VLWHV

FRQWDLQLQJ FKHPLFDOV PD\ FRQWDPLQDWH ZHOOV DQG VXUIDFH ZDWHU XVHG DV VRXUFHV RI GULQNLQJ ZDWHU

'XPS VLWHV VHUYH DV PDJQHWV IRU DGGLWLRQDO GXPSLQJ

DQG RWKHU FULPLQDO DFWLYLWLHV $V D UHVXOW RI LOOHJDO

GXPSLQJ SURSHUW\ YDOXHV GHFUHDVH DQG WKH

FRPPXQLW\ EHFRPHV XQDWWUDFWLYH WR FRPPHUFLDO DQG

UHVLGHQWLDO GHYHORSHUV :LWKRXW WKH WD[ UHYHQXHV WKDW

DFFRPSDQ\ GHYHORSPHQW WKH IXQGLQJ DYDLODEOH WR

HVWDEOLVK DQG PDLQWDLQ HIIHFWLYH LOOHJDO GXPSLQJ

SUHYHQWLRQ SURJUDPV LV OLPLWHG 8OWLPDWHO\ LW LV WKH

GHYHORSPHQW RI DUHDV VXVFHSWLEOH WR LOOHJDO GXPSLQJ WKDW

HUDGLFDWHV WKH SUREOHP


5RRILQJ VKLQJOHV GXPSHG RQ D UXUDO URDG

)LQDOO\ WKH FRVWV WR ORFDO JRYHUQPHQW DQG LQGXVWU\ DVVRFLDWHG ZLWK FRQWLQXRXV FOHDULQJ RI LOOHJDOO\ GXPSHG

ZDVWH PDWHULDOV DUH VLJQLILFDQW 6RPH XUEDQ DUHDV KDYH UHSRUWHG VSHQGLQJ VHYHUDO PLOOLRQ GROODUV SHU \HDU

RQ FOHDQXS KDXOLQJ DQG GLVSRVDO DFWLYLWLHV DVVRFLDWHG ZLWK LOOHJDO GXPS VLWHV 7KHVH FRVWV PD\ EH

SDVVHG DORQJ WR UHVLGHQWV LQ WKH IRUP RI KLJKHU VHUYLFH IHHV RU SURSHUW\ WD[HV

:KDW IDFWRUV FRQWULEXWH WR WKH SUREOHP"

'HPRJUDSKLFV

&RPPXQLWLHV VXEMHFW WR LOOHJDO GXPSLQJ DUH W\SLFDOO\ DUHDV ZLWK OLPLWHG DFFHVV WR FRQYHQLHQW DIIRUGDEOH

ZDVWH GLVSRVDO IDFLOLWLHV RU VHUYLFHV DQG UHF\FOLQJ SURJUDPV ,Q ORZHULQFRPH DUHDV UHVLGHQWV PD\ KDYH

GLIILFXOW\ DIIRUGLQJ WUDVK SLFNXS DQG GLVSRVDO IHHV 7KHVH DUHDV PD\ DOVR KDYH JDQJ RU GUXJUHODWHG

DFWLYLWLHV DQG KLJK FULPH UDWHV ZKLFK RIWHQ UHVXOW LQ LOOHJDO GXPSLQJ EHLQJ JLYHQ D ORZ SULRULW\ E\ ODZ

HQIRUFHPHQW RIILFLDOV DQG SURVHFXWRUV 7KH SUREOHP WHQGV WR EH ZRUVH LQ DUHDV ZLWK D KLJK SRSXODWLRQ RI

UHQWHUV ZKR KDYH OHVV VWDNH LQ WKH FRPPXQLW\ RU DEVHQWHH SURSHUW\ RZQHUV ZKR GR QRW UHVSRQG WR

SUREOHPV 5HVLGHQWV LQ UXUDO DUHDV ZKHUH LOOHJDO GXPSLQJ LV D FRPPRQ ORQJWLPH SUDFWLFH PD\ QRW EH

DZDUH RI DSSOLFDEOH ODZV RU XQGHUVWDQG LWV KDUPIXO LPSDFWV

3K\VLFDO &KDUDFWHULVWLFV

8QVHFXUHG SURSHUWLHV LQFOXGLQJ XQGHYHORSHG ORWV

DEDQGRQHG VWUXFWXUHV XQXVHG LQGXVWULDO IDFLOLWLHV DQG

UHPRWH VSDFHV DUH LQYLWLQJ WR LOOHJDO GXPSHUV $UHDV ZLWK

YDFDQW SURSHUWLHV WHQG WR KDYH D KLJKHU LQFLGHQFH RI LOOHJDO

GXPSLQJ EHFDXVH RI WKH UHGXFHG SRWHQWLDO IRU GXPSHUV WR

EH VLJKWHG 2WKHU DUHDV LQFOXGLQJ SRRUO\ OLW DFFHVV URDGV

SURSHUW\ DORQJ UDLOZD\V KLJKZD\V DQG DOOH\V FKDULW\ GURS

ER[ ORFDWLRQV DQG FRQVWUXFWLRQ VLWHV RU SXEOLF DUHDV ZLWK

ZDVWH FRQWDLQHUV DUH SULPH WDUJHWV IRU LOOHJDO GXPSLQJ

)RUHVW SUHVHUYHV ZRRGHG VLWHV DQG IDUPV HVSHFLDOO\

WKRVH QHDU KHDYLO\ SRSXODWHG DUHDV DUH RIWHQ WDUJHWV IRU

LOOHJDO GXPSLQJ EHFDXVH WKH\ DUH VSDUVHO\ SRSXODWHG DQG GDUN 7KH ERUGHUV RI FLWLHV DQG FRXQWLHV WHQG WR

KDYH D KLJKHU LQFLGHQFH RI LOOHJDO GXPSLQJ EHFDXVH RI D ODFN RI SROLFH SUHVHQFH

,OOHJDO GXPSLQJ RFFXUV QHDU MXQN\DUGV DFWLYH RU FORVHG ODQGILOOV VROLG ZDVWH WUDQVIHU VWDWLRQV DQG

WHPSRUDU\ GXPS DUHDV DW FRQVWUXFWLRQ VLWHV ZKHQ GXPSHUV ZDQW WR DYRLG GLVSRVDO IHHV RU ILQG WKDW D VLWH LV

FORVHG RU UHIXVHV WR DFFHSW ZDVWH $OVR WKH SUHVHQFH RI LOOHJDOO\ GXPSHG PDWHULDOV DWWUDFWV DGGLWLRQDO

GXPSLQJ


,OOHJDOO\ GXPSHG WLUHV LQ DQG DURXQG DQ DEDQGRQHG

ZDUHKRXVH

1DWXUDO GLVDVWHUV SDUWLFXODUO\ IORRGLQJ UHVXOW LQ GDPDJHG DSSOLDQFHV ZUHFNHG IXUQLWXUH DQG GHPROLWLRQ

GHEULV WKDW PD\ OHDG WR ZLGHVSUHDG LOOHJDO GXPSLQJ (3$©V ¦3ODQQLQJ IRU 'LVDVWHU 'HEULV§ GRFXPHQW

(3$. LV DYDLODEOH WR KHOS SODQ IRU DQG DGGUHVV WKHVH VLWXDWLRQV

/DFN RI $OWHUQDWLYH :DVWH 'LVSRVDO DQG 5HF\FOLQJ 3URJUDPV

$UHDV ZLWKRXW URXWLQH RU DIIRUGDEOH SLFNXS VHUYLFH IRU WUDVK DQG UHF\FODEOHV WHQG WR H[SHULHQFH D KLJKHU

LQFLGHQFH RI KRXVHKROG DQG \DUG ZDVWH GXPSLQJ $OVR ODQGILOOV DQG WUDQVIHU VWDWLRQV WKDW KDYH KLJK

GLVSRVDO IHHV DUH QRW FRQYHQLHQWO\ ORFDWHG KDYH

PLQLPXP WLSSLQJ IHHV RU GR QRW DFFHSW VPDOO ORDGV

HQFRXUDJH GXPSLQJ 0DWHULDOV SURKLELWHG IURP

ODQGILOOLQJ VXFK DV \DUG ZDVWH VFUDS WLUHV IUHRQ

FRQWDLQLQJ DSSOLDQFHV DQG FDU EDWWHULHV PD\ EH

LOOHJDOO\ GXPSHG XQOHVV DOWHUQDWH PDQDJHPHQW

SURJUDPV DUH DYDLODEOH DIIRUGDEOH DQG ZHOO NQRZQ WR

WKH SXEOLF (3$©V ¦'HFLVLRQ0DNHU©V *XLGH WR 6ROLG

:DVWH 0DQDJHPHQW§ (3$5 LV DYDLODEOH

WR DVVLVW ORFDO JRYHUQPHQWV LQ HVWDEOLVKLQJ

FRPSUHKHQVLYH ZDVWH PDQDJHPHQW SURJUDPV

&RPPXQLWLHV ODFNLQJ D FRQWUDFW ZLWK D ZDVWH KDXOHU

DQG VWDQGDUGL]HG ELOOLQJ E\ ZKLFK ZDVWH UHPRYDO LV LQWHJUDWHG LQWR D ZDWHU RU VHZHU FKDUJH PD\ KDYH

SUREOHPV ZLWK UHVLGHQWV ZKR UHIXVH WR SD\ D ZDVWH KDXOHU IRU VHUYLFH RQ WKHLU RZQ (3$©V GRFXPHQW WLWOHG

¦6ROLG :DVWH &RQWUDFW 1HJRWLDWLRQ +DQGERRN§ (3$% SURYLGHV VXJJHVWLRQV IRU HVWDEOLVKLQJ

FRQWUDFWV ZLWK ZDVWH PDQDJHPHQW FRPSDQLHV DQG D ¦3D\DV<RX7KURZ 7RRONLW§ (3$5 LV

DYDLODEOH IRU FRPPXQLWLHV FRQVLGHULQJ YROXPHEDVHG GLVSRVDO SURJUDPV

3UHOLPLQDU\ UHVHDUFK VKRZV WKDW FRPPXQLWLHV ZLWK ¦SD\DV\RXWKURZ§ RU XQLWEDVHG GLVSRVDO SURJUDPV GR

QRW H[SHULHQFH FRQWLQXLQJ GXPSLQJ SUREOHPV $OWKRXJK VXFK D FRPPXQLW\ PD\ LQLWLDOO\ H[SHULHQFH

LQFUHDVHG LOOHJDO GXPSLQJ ZKHQ QHZ SURJUDPV DUH ODXQFKHG RQFH WKH SXEOLF XQGHUVWDQGV WKH V\VWHP WKH

SUREOHP GLPLQLVKHV 0DLQWDLQLQJ HGXFDWLRQDO SURJUDPV LV LPSRUWDQW WR DYRLG DQ RQJRLQJ SUREOHP

/DFN RI 6ROLG :DVWH &RGHV DQG 2UGLQDQFHV

,OOHJDO GXPSLQJ LV D SUREOHP LQ PDQ\ DUHDV EHFDXVH RI D ODFN RI HIIHFWLYH OHJDO FRGHV RU RUGLQDQFHV

SURKLELWLQJ RSHQ GXPSLQJ RU EXUQLQJ RI ZDVWHV %RWK DFWLYLWLHV DUH SURKLELWHG E\ IHGHUDO DQG PRVW VWDWH

ODZV EXW HQIRUFHPHQW E\ ORFDO DXWKRULWLHV LV W\SLFDOO\ GRQH XQGHU ORFDO FRGHV ZKLFK PD\ EH OHVV VWULQJHQW


,Q VRPH FDVHV WKH ILQHV IRU D GXPSLQJ RIIHQVH DUH OHVV WKDQ WKH FRVWV IRU SURSHU ZDVWH GLVSRVDO DQG

RIIHQGHUV FRQVLGHU WKH ILQHV WR EH VLPSO\ D FRVW RI GRLQJ EXVLQHVV )XUWKHUPRUH IDLOXUH WR DSSURSULDWHO\

UHJXODWH ZDVWH KDXOHUV DQG GLVSRVDO RSHUDWLRQV LQYLWHV LOOHJDO GXPSLQJ

'(9(/23,1* $ 35(9(17,21 352*5$0

$Q\ LOOHJDO GXPSLQJ SUHYHQWLRQ SURJUDP PXVW DGGUHVV WKH FRQWULEXWLQJ IDFWRUV LQ WKH DUHD ZKHUH LW LV

LPSOHPHQWHG +RZHYHU VXFFHVVIXO SURJUDPV DUH IRXQGHG RQ

 /HDGHUVKLS DQG VXSSRUW E\ ORFDO RIILFLDOV

 &RRSHUDWLRQ DPRQJ DXWKRULWLHV FRPPXQLWLHV DQG LQGXVWU\

 $Q LQWHJUDWHG DSSURDFK

 3XEOLFL]LQJ VXFFHVV

/HDGHUVKLS DQG 6XSSRUW E\ /RFDO 2IILFLDOV

/RFDO SROLWLFLDQV DQG KLJKOHYHO RIILFLDOV PXVW PDNH SUHYHQWLRQ SURJUDPV D SULRULW\ DQG VXSSRUW WKHP ZLWK

DGHTXDWH IXQGLQJ DFFHVV WR HTXLSPHQW DQG ODERU UHVRXUFHV ,Q DGGLWLRQ GHSDUWPHQW VWDII PXVW ZRUN

ZLWK DYDLODEOH UHVRXUFHV WR FDUU\ RXW WKH SURJUDP DQG UHSRUW DFFRPSOLVKPHQWV EDFN WR KLJKOHYHO

DXWKRULWLHV

/RFDO RUGLQDQFHV DQG VWDWH ODZV PD\ DOUHDG\ H[LVW RU FDQ EH GHYHORSHG WR GLVFRXUDJH LOOHJDO GXPSLQJ

+RZHYHU RUGLQDQFHV DQG ODZV DUH LQHIIHFWLYH ZLWKRXW D FRPPLWPHQW IURP KLJKOHYHO DXWKRULWLHV IRU

HQIRUFHPHQW )RU H[DPSOH SROLFH RIILFHUV PXVW KDYH WKH VXSSRUW RI WKHLU FRPPDQG DQG WKH SROLFH

GHSDUWPHQW PXVW KDYH WKH VXSSRUW RI WKH FRXUW V\VWHP ,Q DGGLWLRQ LI LOOHJDO GXPSLQJ LV QRW YLHZHG DV D

SULRULW\ DQG OLWWOH DFWLRQ LV WDNHQ UHVLGHQWV EHFRPH IUXVWUDWHG DQG VWRS FRQWDFWLQJ SROLFH RU ORFDO RIILFLDOV WR

UHSRUW SUREOHPV 5HVLGHQWV PXVW EH HQFRXUDJHG WR SHUVLVW LQ FRQWDFWLQJ GLIIHUHQW ORFDO FRXQW\ DQG VWDWH

DJHQFLHV XQWLO WKH\ ILQG DQ LQGLYLGXDO ZKR LV UHVSRQVLYH WR WKHLU FRQFHUQV

&RRSHUDWLRQ $PRQJ $XWKRULWLHV &RPPXQLWLHV DQG ,QGXVWU\

/RFDO DXWKRULWLHV VXFK DV SROLFH KHDOWK HQYLURQPHQW SXEOLF ZRUNV DQG VDQLWDWLRQ GHSDUWPHQWV PXVW ZRUN

WRJHWKHU DQG ZLWK ORFDO FRPPXQLWLHV 6XFK FRRUGLQDWLRQ DOORZV VKDULQJ RI UHVRXUFHV DQG KHOSV DYRLG

GXSOLFDWLRQ RI HIIRUW )RU H[DPSOH D W\SLFDO FRRUGLQDWLRQ HIIRUW LQYROYHV HVWDEOLVKPHQW RI DQ ¦LOOHJDO

GXPSLQJ WDVN IRUFH§ PDGH XS RI UHSUHVHQWDWLYHV IURP HDFK ORFDO GHSDUWPHQW ZLWK WKH DXWKRULW\ RU

UHVRXUFHV WR DGGUHVV WKH SUREOHP ,QFOXGLQJ GLVFXVVLRQ RI GXPSLQJ LVVXHV LQ FRPPXQLW\RULHQWHG SROLFH

¦EHDW PHHWLQJV§ LV DQ H[DPSOH RI FRRUGLQDWLRQ ZLWK FRPPXQLWLHV &RPPXQLW\ RUJDQL]DWLRQV PXVW ZRUN

WRJHWKHU E\ VKDULQJ LQIRUPDWLRQ DQG SUHVHQWLQJ D XQLILHG YRLFH WR DXWKRULWLHV


$Q ,QWHJUDWHG $SSURDFK

$Q HIIHFWLYH LOOHJDO GXPSLQJ SUHYHQWLRQ DSSURDFK UHTXLUHV LQWHJUDWLRQ RI VHYHUDO VWUDWHJLHV WKDW

FRPSOHPHQW RQH DQRWKHU LQFOXGLQJ

 6LWH PDLQWHQDQFH DQG FRQWUROV

 &RPPXQLW\ RXWUHDFK DQG LQYROYHPHQW

 7DUJHWHG HQIRUFHPHQW

 3URJUDP PHDVXUHPHQW

,QWHJUDWLRQ RI WKHVH VWUDWHJLHV DQG FRRSHUDWLRQ RI SDUWQHUV IURP JRYHUQPHQW FRPPXQLWLHV DQG LQGXVWU\

DUH QHHGHG WR SODQ LPSOHPHQW DQG VXVWDLQ D VXFFHVVIXO SUHYHQWLRQ SURJUDP (DFK RI WKHVH VWUDWHJLHV LV

GHVFULEHG LQ GHWDLO LQ WKH ¦WRRONLW§ DW WKH HQG RI WKLV JXLGHERRN DORQJ ZLWK FDVH VWXGLHV GHPRQVWUDWLQJ WKHLU

VXFFHVVIXO LPSOHPHQWDWLRQ

3XEOLFL]LQJ 6XFFHVV

3XEOLFL]LQJ SURJUDP UHVXOWV LV QHFHVVDU\ WR REWDLQ FRQWLQXHG VXSSRUW IURP KLJKOHYHO DXWKRULWLHV DQG WR

PDLQWDLQ FRRSHUDWLRQ EHWZHHQ DXWKRULWLHV DQG FRPPXQLW\ JURXSV 3UHYHQWLRQ SURJUDPV PXVW EH

UHFRJQL]HG DV FRRSHUDWLYH HIIRUWV DQG VXFFHVVHV QHHG WR EH VKDUHG ZLWK DOO SDUWLHV LQYROYHG WR YDOLGDWH

WKHLU SDUWLFLSDWLRQ JDLQ DGGLWLRQDO VXSSRUW DQG DOORZ RWKHUV WR EHQHILW IURP OHVVRQV OHDUQHG

7UDFNLQJ SURJUDP LPSDFWV VXFK DV DUUHVWV ILQHV YHKLFOH LPSRXQGPHQWV FOHDQHGXS VLWHV DQG DYRLGHG

FRVWV LV LQWHJUDO WR WKH FRQWLQXDWLRQ RI LOOHJDO GXPSLQJ SUHYHQWLRQ HIIRUWV (YDOXDWLQJ SURJUDP HIIRUWV

SURYLGHV GDWD IRU FRVWEHQHILW DQDO\VHV SXEOLFLW\ HIIRUWV EXGJHW KHDULQJV DQG JUDQW SURJUDP

DFFRXQWDELOLW\

$9$,/$%/( 5(6285&(6

6SHFLILF UHVRXUFHV QHHGHG IRU LOOHJDO GXPSLQJ SUHYHQWLRQ SURJUDPV LQFOXGH

 )XQGLQJ IURP JUDQWV SULYDWH GRQDWLRQV RSHUDWLQJ EXGJHWV VSHFLDO DSSURSULDWLRQV DQG IHHV

DVVHVVHG RQ ZDVWH PDQDJHPHQW RSHUDWLRQV

 6HUYLFHV VXFK DV ODQGILOOLQJ VKUHGGLQJ KDXOLQJ DQG WUDLQLQJ

 (TXLSPHQW VXFK DV FDPHUDV UDGLRV YHKLFOHV DQG KHDY\ PDFKLQHU\

 6XSSOLHV VXFK DV GXPSVWHUV EDJV DQG WRROV DV ZHOO DV HGXFDWLRQDO DQG WUDLQLQJ PDWHULDOV

 +XPDQ 5HVRXUFHV LQFOXGLQJ SHUVRQQHO WR FRQGXFW FOHDQXS HQIRUFHPHQW VXUYHLOODQFH

LQVSHFWLRQ DQG RXWUHDFK DFWLYLWLHV


$OO WKHVH UHVRXUFHV DUH ORFDOO\ DYDLODEOH LQ VRPH IRUP 2EWDLQLQJ QHFHVVDU\ UHVRXUFHV IRU D QHZ RU

H[SDQGHG SURJUDP UHTXLUHV UHVHDUFK FUHDWLYLW\ DQG SHUVLVWHQFH &RRSHUDWLRQ DQG FRPPXQLFDWLRQ

DPRQJ WKH YDULRXV SDUWLHV LQYROYHG DUH LPSRUWDQW QRW RQO\ WR DYRLG GXSOLFDWLRQ RI HIIRUW EXW DOVR WR

HIIHFWLYHO\ LGHQWLI\ DFFHVV DQG FRQWULEXWH UHVRXUFHV &HUWDLQ SDUWQHUV PD\ EH HOLJLEOH RU EHWWHU VXLWHG WR

SURYLGH UHVRXUFHV WKDQ RWKHUV )RU H[DPSOH

 $ FRPPXQLW\ JURXS PD\ EH DEOH WR DSSO\ IRU D JUDQW IRU ZKLFK D ORFDO JRYHUQPHQW LV LQHOLJLEOH

 $ FLYLF RUJDQL]DWLRQ PD\ EH EHWWHU VXLWHG WR DSSURDFK D SRWHQWLDO LQGXVWU\ SDUWQHU IRU DVVLVWDQFH

DQG FRRSHUDWLRQ WKDQ DQ HQIRUFHPHQW DJHQF\

 $ ORFDO JRYHUQPHQW RIILFLDO PD\ KDYH D VSHFLDO FRQWDFW ZLWKLQ D ORFDO RU VWDWH DJHQF\ ZKR FDQ

SURYLGH D TXLFNHU UHVSRQVH WKDQ D UHVLGHQW FRXOG REWDLQ WKURXJK D JHQHUDO LQTXLU\

0DQ\ GLIIHUHQW W\SHV RI UHVRXUFHV KDYH EHHQ DSSOLHG LQ LQQRYDWLYH ZD\V WR LPSOHPHQW LOOHJDO GXPSLQJ

SUHYHQWLRQ SURJUDPV *UDQW IXQGLQJ UHVRXUFHV DUH SUHVHQWHG EHORZ %RWK WKH WDEOH RQ SDJH  DQG WKH

¦WRRONLW§ DW WKH HQG RI WKLV JXLGHERRN SUHVHQW H[DPSOHV RI KRZ LOOHJDO GXPSLQJ SUHYHQWLRQ SURJUDPV KDYH

EHHQ DEOH WR DFFHVV QHHGHG IXQGLQJ DQG RWKHU UHVRXUFHV 7KH (3$ GRFXPHQWV FLWHG WKURXJKRXW WKLV

JXLGHERRN DV ZHOO DV RWKHU (3$ SXEOLFDWLRQV FDQ EH RUGHUHG E\ WHOHSKRQH DW   RU RQOLQH DW

KWWSZZZHSDJRYQFHSLKRP

*5$17 )81',1*

*UDQW IXQGLQJ LV DYDLODEOH IURP FRXQW\ VWDWH DQG IHGHUDO HQYLURQPHQWDO DJHQFLHV DV ZHOO DV SULYDWH

IRXQGDWLRQV W\SLFDOO\ LQ WKH IRUP RI HQYLURQPHQWDO HGXFDWLRQ VSHFLDO SURMHFW RU GHPRQVWUDWLRQ IXQGLQJ

,QIRUPDWLRQ RQ JUDQW UHVRXUFHV LV DYDLODEOH RQ WKH ,QWHUQHW ZKLFK PD\ EH DFFHVVHG DW PRVW SXEOLF OLEUDULHV

DQG VFKRROV +HOSIXO ZHE VLWHV LQFOXGH WKH IROORZLQJ

{ 7KH 1RQSURILW *DWHZD\  KWWSZZZQRQSURILWJRY

{ *UDQW 5HVRXUFHV IRU 6ROLG :DVWH $FWLYLW\ LQ ,QGLDQ &RXQWU\  KWWSZZZHSDJRYWULEDOPVZILQDQFHKWP

{ 6XPPDU\ RI (3$ *UDQW 3URJUDPV  KWWSZZZHSDJRYHSDKRPHILQDQFHKWP

{ (QYLURQPHQWDO *UDQWPDNLQJ )RXQGDWLRQV  KWWSZZZHQYLURQPHQWDOJUDQWVFRP

{ *UDQW *HWWHUV *XLGH WR WKH ,QWHUQHW  KWWSZHEFDOVWDWHODHGXDFDGHPLFRUVSJUDQWJXLGHKWPO


*RYHUQPHQW

*UDQWV

/RFDO

*RYHUQPHQW

)XQGV

(;$03/(62)5(6285&($&48,6,7,21)25,//(*$/'803,1*352*

352*5$0'(6&5,37,21

5

)XQGLQ

7UDVK &RS 3URJUDP 7KH &HQWUDO 2NODKRPD 7UDVK &RS 3URJUDP ZKLFK FRQVLVWV RI HQYLURQPHQWDO RIILFHUV KLUHG WRFDWFK DQG SURVHFXWH OLWWHUHUV DQG LOOHJDO GXPSHUV LQ IRXU FRXQWLHV ZDV EHJXQ ZLWK  REWDLQHG WKURXJKIXQGUDLVLQJ HIIRUWV E\ D ORFDO FRPPXQLW\ JURXS 2NODKRPD &LW\ %HDXWLIXO 7KH SURJUDP ZLOO EH VXVWDLQHG E\ ILQHVFROOHFWHG IURP RIIHQGHUV

8 

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

8 

)ORRGHG 3URSHUW\ 5HVWRUDWLRQ 7KH )HGHUDO (PHUJHQF\ 0DQDJHPHQW $JHQF\ SXUFKDVHG VHFWLRQV RI SURSHUW\ LQDQG DURXQG 6W /RXLV 0LVVRXUL WKDW IORRGHG LQ  DQG DWWUDFWHG LOOHJDO GXPSLQJ 6RPH RI WKH SURSHUW\ UHYHUWHG WRFRXQW\ FRQWURO DIWHU DEDQGRQHG KRPHV ZHUH GHPROLVKHG ZDVWH ZDV UHPRYHG DQG DUHDV ZHUH UHJUDGHG

8

6FUDS 7LUH 'LVSRVDO 7KH &LW\ RI +DPPRQG ,QGLDQD KDV DQ DJUHHPHQW ZLWK D ORFDO MXQN\DUG XQGHU ZKLFK WKHMXQN\DUG GRQDWHV WLUH VKUHGGLQJ DQG GLVSRVDO VHUYLFHV LQ H[FKDQJH IRU WKH FLW\©V VFUDS PHWDO &RRSHUDWLYH &OHDQXS (IIRUW &RRN &RXQW\ OHG D FRRSHUDWLYH FOHDQXS LQ &KLFDJR +HLJKWV ,OOLQRLV WKDW LQYROYHG WKHVKHULII©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

8 


86,1* 7+( 722/.,7

$Q HIIHFWLYH LOOHJDO GXPSLQJ SUHYHQWLRQ SURJUDP LQYROYHV ORFDO JRYHUQPHQW LQGXVWU\ DQG FRPPXQLW\

VWDNHKROGHUV ZRUNLQJ WRJHWKHU WR DGGUHVV WKH SUREOHP LQ D GHILQHG DUHD 7KH IROORZLQJ VWHSV KDYH SURYHQ

VXFFHVVIXO IRU HVWDEOLVKLQJ DQG LPSOHPHQWLQJ D FXVWRPL]HG SUHYHQWLRQ SURJUDP

 ,GHQWLI\ DQG DVVHPEOH VWDNHKROGHUV WR HVWDEOLVK LQWHUHVW LQ ZRUNLQJ WRJHWKHU

 'HILQH WKH ERXQGDULHV RI D VSHFLILF WDUJHW DUHD

 &RQGXFW D WKRURXJK DVVHVVPHQW RI WKH SUREOHP VHH SDJH 

 &OHDUO\ GHILQH JRDOV

 6HOHFW SURJUDP FRPSRQHQWV IURP WKH ¦WRRONLW§ WR GHYHORS DQ LQWHJUDWHG SURJUDP

 'HYHORS D ZULWWHQ GHVFULSWLRQ RI WKH RYHUDOO SURJUDP GHVLJQ H[LVWLQJ UHVRXUFHV DQG QHHGV

 8VH WKH ZULWWHQ GHVFULSWLRQ WR VHHN UHVRXUFHV

 $VVLJQ VSHFLILF UHVSRQVLELOLWLHV DQG GHOHJDWH UROHV

 0RQLWRU SURJUDP LPSOHPHQWDWLRQ DQG HYDOXDWH SURJUDP LPSDFWV

 3XEOLFL]H TXDOLWDWLYH DQG TXDQWLWDWLYH LPSDFWV RI WKH SURJUDP

$Q LQWHJUDWHG DSSURDFK FDQ EH HIIHFWLYH LI WKH DSSURSULDWH WRROV DUH XVHG 7KH VHFRQG SDUW RI WKLV

JXLGHERRN FRQWDLQV D ¦WRRONLW§ WKDW RXWOLQHV DQG GHVFULEHV SUDFWLFHV WKDW KDYH SURYHQ WR EH HIIHFWLYH LQ

FRPEDWLQJ LOOHJDO GXPSLQJ &DVH VWXGLHV DUH SURYLGHG WKDW GHVFULEH VXFFHVVIXO DSSOLFDWLRQV RI WKH

SUDFWLFHV DQG LGHQWLI\ FRQWDFWV IRU IXUWKHU LQIRUPDWLRQ ,Q DGGLWLRQ WKH ¦WRRONLW§ LGHQWLILHV VSHFLILF UHVRXUFHV

WKDW FDQ EH XVHG WR VXSSRUW ORFDO LPSOHPHQWDWLRQ RI DQ LOOHJDO GXPSLQJ SUHYHQWLRQ SURJUDP


$66(66,1*7+(352%/(0

7KH IROORZLQJ WRSLFV VKRXOG EH H[DPLQHG ZKHQ DQ LOOHJDO GXPSLQJ SUREOHP LV DVVHVVHG IRU D JLYHQ

WDUJHW DUHD

8 7KH 1DWXUH RI WKH 3UREOHP

{ /RFDWLRQV RI SHUVLVWHQW LOOHJDO GXPSLQJ SUREOHPV

{ &RPPRQDOLWLHV RI LOOHJDO GXPSLQJ DUHDV LQFOXGLQJ GHPRJUDSKLFV DQG W\SHV RI ZDVWH

{ &RPPRQDOLWLHV RI LOOHJDO GXPSLQJ LQFLGHQWV VXFK DV WKH VRXUFH RI WKH ZDVWH GXPSLQJ LQFLGHQW

FKDUDFWHULVWLFV DQG WKH SURILOH RI LOOHJDO GXPSHUV

{ 3RVVLEOH GULYLQJ IRUFHV EHKLQG LOOHJDO GXPSLQJ VXFK DV XVHU IHHV UHVWULFWLRQV RQ FXUEVLGH WUDVK

SLFNXS RU ODFN RI HIIHFWLYH UHF\FOLQJ SURJUDPV

8 7KH 3OD\HUV ,QYROYHG

{ 'HSDUWPHQWV RU DJHQFLHV UHVSRQVLEOH IRU HQIRUFLQJ ODZV RUGLQDQFHV RU UHJXODWLRQV

{ 2WKHU RUJDQL]DWLRQV LQYROYHG VXFK DV FRPPXQLW\ JURXSV RU ORFDO LQGXVWU\

{ /HYHO RI FRRUGLQDWLRQ DQG FRPPXQLFDWLRQ DPRQJ LQYROYHG RUJDQL]DWLRQV

{ $PRXQW RI LQIRUPDWLRQVKDULQJ ZLWK RWKHU JHRJUDSKLF DUHDV

8 3DVW DQG 2QJRLQJ (IIRUWV

{ /RFDO ODZV RUGLQDQFHV RU UHJXODWLRQV WKDW DGGUHVV LOOHJDO GXPSLQJ

{ ([LVWLQJ SURJUDPV RU SUHYLRXV HIIRUWV WR SUHYHQW LOOHJDO GXPSLQJ

{ 0HWKRGV XVHG WR PRQLWRU RU PHDVXUH LOOHJDO GXPSLQJ DQG DQ\ WUHQGV REVHUYHG

{ 3UHYLRXV RU RQJRLQJ FOHDQXS HIIRUWV VXFK DV FRPPXQLW\ YROXQWHHU FOHDQXS GD\V

{ &RPPXQLFDWLRQ RI LOOHJDO GXPSLQJ SUHYHQWLRQ HIIRUWV WR WKH FRPPXQLW\

{ (IIRUWV WKDW KDYH EHHQ VXFFHVVIXO RU XQVXFFHVVIXO DQG ZK\

8 5HVRXUFHV

{ 6RXUFHV RI IXQGLQJ IRU SUHYLRXV RU H[LVWLQJ HIIRUWV WR DGGUHVV LOOHJDO GXPSLQJ

{ $GGLWLRQDO UHVRXUFHV QHHGHG WR DGHTXDWHO\ DGGUHVV LOOHJDO GXPSLQJ SUREOHPV


127(6


722/.,7

,//(*$/'803,1*35(9(17,21722/.,7

6,7(0$,17(1$1&($1'&21752/6

&OHDQXS(IIRUWV

.HHSLQJ6LWHV&OHDQ

&20081,7<2875($&+$1',192/9(0(17

&RPPXQLW\3URJUDPV

(IIHFWLYH2XWUHDFKDQG(GXFDWLRQ

7$5*(7('(1)25&(0(17

2UGLQDQFHV

'HGLFDWHG(QIRUFHPHQWDQG3URVHFXWLRQ

)LHOG2SHUDWLRQV

352*5$00($685(0(17

7UDFNLQJDQG(YDOXDWLRQ
6,7(0$,17(1$1&($1'&21752/6

 &/($183())2576



'UXPV GLVFRYHUHG DQG VHFXUHG GXULQJ FOHDQXS DFWLYLWLHV

&OHDQXS SURMHFWV UHTXLUH D FRRUGLQDWHG SODQQLQJ UHVRXUFH ,Q DGGLWLRQ 1HZ 6SLULW XVHV YROXQWHHUV IURP

DFTXLVLWLRQ DQG LPSOHPHQWDWLRQ HIIRUW 1HFHVVDU\ QHLJKERUKRRG RUJDQL]DWLRQV IRU WUDVK SLFNXSV DQG WLUH

UHVRXUFHV LQFOXGH ODERU HTXLSPHQW DQG IXQGLQJ /DERU VZHHSV &RQWDFW 1HZ 6SLULW  

UHVRXUFHV FDQ EH VRXJKW IURP FRPPXQLW\ DQG \RXWK

JURXSV ORFDO JRYHUQPHQW RUJDQL]DWLRQV FRUSRUDWLRQV RU

VWDWH RU FRXQW\ FRUUHFWLRQV SURJUDPV (TXLSPHQW VXFK DV

FRQWDLQHUV UDNHV EDJV JORYHV VKRYHOV KHDY\ HTXLSPHQW

DQG WUXFNV FDQ EH SURYLGHG E\ SXEOLF ZRUNV RU KLJKZD\

DJHQFLHV DQG SULYDWH FRPSDQLHV )XQGLQJ IRU ZDVWH

GLVSRVDO PD\ EH SURYLGHG E\ JRYHUQPHQW DJHQFLHV RU

WKURXJK FRUSRUDWH GRQDWLRQV ,Q VRPH FDVHV UHPRYHG

PDWHULDOV VXFK DV EULFN DQG FRQFUHWH FDQ EH XVHG LQ D ORFDO

ILOO SURMHFW WKXV UHGXFLQJ GLVSRVDO FRVWV

/RFDO LQGXVWU\ DQG FRPPXQLW\ JURXSV FDQ DVVLVW LQ

ODQGVFDSLQJ DQG LPSURYLQJ WKH SK\VLFDO DSSHDUDQFH RI

DUHDV 6XFK EHDXWLILFDWLRQ HIIRUWV FDQ ZDUG RII SRWHQWLDO

GXPSHUV

6LWHV PXVW EH FOHDQHG XS EHIRUH D WKUHDW WR SXEOLF KHDOWK

DQG VDIHW\ GHYHORSV 6WDWH DQG IHGHUDO FOHDQXS SURJUDPV

VXFK DV 6XSHUIXQG PD\ VXSSRUW XUJHQW SURMHFWV ZKHUH D

GHILQHG KHDOWK RU HQYLURQPHQWDO WKUHDW H[LVWV

$ SODQ PXVW EH GHYHORSHG WR UHPRYH DQ\ GXPSHG PDWHULDOV

DQG NHHS VLWHV FOHDQ 6XFK D SODQ VKRXOG EH GHYHORSHG

EHIRUH D FOHDQXS WR HQVXUH WKDW WKH HIIRUW LV QRW ZDVWHG

&DVH6WXGLHV

& (DVW 6W /RXLV ,OOLQRLV 1HZ 6SLULW DQ RUJDQL]DWLRQ

UHSUHVHQWLQJ RYHU  QHLJKERUKRRGV FRRUGLQDWHV

&RPPXQLW\ &OHDQXS 'D\V 7KH HYHQWV KDYH UHVXOWHG

LQ UHPRYDO RI RYHU  WRQV RI ZDVWH IURP LQQHU FLW\

DUHDV 1HZ 6SLULW REWDLQHG  GXPSVWHUV IURP D ORFDO

ZDVWH PDQDJHPHQW FRPSDQ\ DV SDUW RI D VXSSOHPHQWDO

HQYLURQPHQWDO SURMHFW PDQGDWHG E\ (3$

& %DUEHUWRQ 2KLR 7KH FLW\ KHDOWK GHSDUWPHQW

SUHVHQWHG FHUWLILHG FOHDQXS RUGHUV WR RZQHUV RI DQ

LOOHJDO GXPS VLWH 7KH YDFDQW DFUH VLWH ZKLFK ZDV

ORFDWHG LQ D KHDYLO\ ZRRGHG DUHD QHDU D UHVLGHQFH

FRQWDLQHG IRRWKLJK SLOHV RI KRXVHKROG ZDVWH DQG

VFUDS WLUHV 6HYHUDO GUXPV RI KD]DUGRXV ZDVWH ZHUH

GLVFRYHUHG GXULQJ WKH FOHDQXS 7KH FLW\ IRUFHG WKH

RZQHUV WR KLUH D FRQWUDFWRU WR FOHDQ XS WKH VLWH DQG

DXWKRUL]HG IXQGLQJ WR FRYHU DERXW KDOI WKH FRVW LQ RUGHU

WR DFFHOHUDWH WKH FOHDQXS 7KH HQWLUH FRVW RI WKH

FOHDQXS HVWLPDWHG DW  ZDV UHFRYHUHG IURP WKH

RZQHUV &RQWDFW 0LNH 0HXVHO +HDOWK 'HSDUWPHQW

 
6,7(0$,17(1$1&($1'&21752/6

 &/($183())2576



$ IRUPHU GXPS VLWH WKDW KDV EHHQ FOHDQHG XS DQG UHPDLQV

FOHDQ

& 3HQQV\OYDQLD 3HQQV\OYDQLD &OHDQ:D\V LV D QRQSURILW & 'HWURLW 0LFKLJDQ 7KH FLW\ WKH 0LFKLJDQ 'HSDUWPHQW

RUJDQL]DWLRQ WKDW KHOSV FRPPXQLWLHV FOHDQ XS LOOHJDO RI (QYLURQPHQWDO 4XDOLW\ DQG (3$ WDUJHWHG DQ

GXPS VLWHV LQ UXUDO DUHDV $V D FRQGLWLRQ WR SURYLGLQJ DEDQGRQHG IDFWRU\ EHLQJ XVHG IRU LOOHJDO GXPSLQJ IRU

DVVLVWDQFH EHIRUH D FOHDQXS 3HQQV\OYDQLD &OHDQ:D\V FOHDQXS DQG GHPROLWLRQ 7KH DFUH VLWH KDG 

ZRUNV ZLWK HYHU\RQH LQYROYHG WR GHYHORS D SODQ WR EXLOGLQJV DQG ZDV WKH VLWH RI VHYHUDO WLUH ILUHV 2YHU

UHPRYH DQ\ PDWHULDOV GXPSHG DIWHU WKH FOHDQXS 7KH  WLUHV  GUXPV DQG  WUXFNORDGV RI WUDVK

¦VXEVHTXHQW GXPS§ WHDP LV PDGH XS RI UHVLGHQWV ODZ ZHUH UHPRYHG IURP WKH VLWH EHIRUH GHPROLWLRQ RI WKH

HQIRUFHPHQW RIILFLDOV EXVLQHVVHV WUDVK KDXOHUV DQG EXLOGLQJV 7KH DUHD ZDV IHQFHG RII DQG UHPDLQV IUHH RI

ODQGILOO RSHUDWRUV 5HVLGHQWV DUH WDXJKW ZKDW HYLGHQFH WUDVK 7KH 5HGHYHORSPHQW RI 8UEDQ 6LWHV WHDP ZDV

WR ORRN IRU ZKR WKH UHVSRQVLEOH HQIRUFHPHQW RIILFLDOV HVWDEOLVKHG WR DGGUHVV VXFK VLWHV &RQWDFW 6DUDK /LOH

DUH KRZ WR FRQWDFW WKHP DQG KRZ WR UHPRYH WUDVK LI

QHFHVVDU\ 5HVLGHQWV EDJ DQG SLOH WUDVK WR PDNH LW

HDV\ IRU WKRVH ZKR KDYH DJUHHG WR KDXO LW DZD\ 7R

GDWH WKH SURJUDP KDV FOHDQHG XS RYHU  UXUDO VLWHV

DQG  WUXFNORDGV RI ZDVWH &RQWDFW 6XH :LVHPDQ

3HQQV\OYDQLD &OHDQ:D\V  

& &RRN &RXQ\ ,OOLQRLV 7KH 'HSDUWPHQW RI

(QYLURQPHQWDO &RQWURO 6KHULII©V 'HSDUWPHQW +LJKZD\

'HSDUWPHQW DQG )RUHVW 3UHVHUYH 'LVWULFW SDUWQHU ZLWK

FRPPXQLWLHV WR FOHDQ XS DQG PDLQWDLQ SUREOHP GXPS

VLWHV /DERU LV SURYLGHG E\ WKH 6KHULII©V ZRUN

DVVLVWDQFH SURJUDP DQG KHDY\ HTXLSPHQW LV SURYLGHG

E\ WKH )RUHVW 3UHVHUYH 'LVWULFW :DVWH LV WUDQVSRUWHG

IRU SURSHU GLVSRVDO DQG VLWHV DUH VHFXUHG ZLWK FRQFUHWH

EDUULHUV E\ WKH +LJKZD\ 'HSDUWPHQW &RQWDFW &KDUOHV

/DJJHV 'HSDUWPHQW RI (QYLURQPHQWDO &RQWURO

 

(QYLURQPHQWDO $IIDLUV 'HSDUWPHQW  
6,7(0$,17(1$1&($1'&21752/6

.((3,1*6,7(6&/($1



6LJQ SURKLELWLQJ LOOHJDO GXPSLQJ XQGHU D FLW\ RUGLQDQFH

&RQFUHWH EDUULHUV SUHYHQWLQJ DFFHVV DORQJ UDLOURDG ULJKWRIZD\

0DQ\ LOOHJDO GXPSLQJ DUHDV FRQWLQXH WR H[SHULHQFH

SUREOHPV DIWHU EHLQJ FOHDQHG XS 6LJQV OLJKWLQJ DQG

EDUULHUV FDQ UHGXFH RU HOLPLQDWH FRQWLQXHG GXPSLQJ LQ D

JLYHQ DUHD ,Q DGGLWLRQ D SODQ QHHGV WR EH LQ SODFH WR

PDLQWDLQ WKH DUHD DQG WR SURPSWO\ UHPRYH DQ\ PDWHULDOV

WKDW DUH GXPSHG

&OHDQHGXS VLWHV FDQ EH FRQYHUWHG WR FOHDQ DUHDV WKDW QR

ORQJHU DWWUDFW LOOHJDO GXPSLQJ 5HVLGHQWV EHQHILW IURP WKH

DYDLODELOLW\ RI DWWUDFWLYH VSDFH DQG LPSURYHG SURSHUW\

YDOXHV

6LJQV

6RPH UHVLGHQWV PD\ EH XQDZDUH WKDW GXPSLQJ LV LOOHJDO

DQG SXQLVKDEOH E\ ILQHV RU SURVHFXWLRQ 8VH RI ¦1R

'XPSLQJ§ VLJQV FDQ EH HIIHFWLYH LQ SUHYHQWLQJ GXPSLQJ DQG

FUHDWLQJ DZDUHQHVV RI RUGLQDQFHV 6LJQV SODFHG LQ D KLJK

LQFLGHQFH DUHD FDQ VSHFLI\ ILQHV DQG SHQDOWLHV RU LQGLFDWH

WKDW WKH DUHD LV XQGHU VXUYHLOODQFH 7KH DUHD DURXQG VXFK

VLJQV PXVW EH NHSW FOHDU RI GHEULV

/LJKWLQJ

/LJKWLQJ FDQ EH DQ HIIHFWLYH SUHYHQWLYH PHDVXUH LQ SRRUO\

OLW RU UHPRWH DUHDV WKDW H[SHULHQFH ¦PLGQLJKW GXPSLQJ§

/LJKWLQJ LQFUHDVHV WKH YLVLELOLW\ RI WKH FULPH DQG WKH

FKDQFHV RI WKH RIIHQGHU©V EHLQJ FDXJKW ,QVWDOOLQJ OLJKWLQJ

UHTXLUHV DQ LQYHVWPHQW LQ HOHFWULFDO VHUYLFH DQG HTXLSPHQW

%DUULHUV

%DUULHUV WKDW OLPLW DFFHVV DUH FULWLFDO IRU UHGXFLQJ DQG

HOLPLQDWLQJ GXPSLQJ LQ DUHDV ZLWK D VLQJOH SRLQW RI HQWU\

)HQFHV SRVWV EHUPV DQG FRQFUHWH KLJKZD\ GLYLGHUV

SUHYHQW YHKLFOH DFFHVV +RZHYHU VXFK EDUULHUV PXVW QRW

OLPLW OHJDO RU HPHUJHQF\ DFFHVV WR UHVLGHQFHV RU EXLOGLQJV

,Q VRPH FDVHV RIIHQGHUV PD\ FRQWLQXH WR GXPS DW RU RYHU

EDUULHUV LQVWHDG RI LQVLGH WKH UHVWULFWHG DUHD

/DQGVFDSLQJDQG%HDXWLILFDWLRQ

/DQGVFDSLQJ DQG EHDXWLILFDWLRQ HIIRUWV UDQJH IURP VLPSO\

FXWWLQJ JUDVV DQG SXOOLQJ ZHHGV WR HVWDEOLVKLQJ SDUNV ZLWK

EHQFKHV ZDONZD\V WUHHV SLFQLF WDEOHV JULOOV RU
6,7(0$,17(1$1&($1'&21752/6

.((3,1*6,7(6&/($1



6LJQV SRVWHG LQ $PRFR &RUSRUDWLRQ©V /RVW 0DUVK DUHD

SOD\JURXQGV 2WKHU HIIRUWV LQFOXGH SDLQWLQJ PXUDOV ¦QXLVDQFH DOOH\V DQG VLJQLQJ WKHP RYHU WR UHVLGHQWV IRU

HVWDEOLVKLQJ JDUGHQV DQG IORZHUEHGV RU FRQYHUWLQJ VLWHV XVH DV SDUNV 2YHU  DOOH\ FRQYHUVLRQV KDYH WDNHQ

LQWR QDWXUDO DUHDV /RFDO VFKRROV DQG XQLYHUVLW\ SODFH DW DQ DYHUDJH FRVW RI  HDFK &RQWDFW WKH

FRRSHUDWLYH H[WHQVLRQ VHUYLFHV FDQ DVVLVW DW XUEDQ

JDUGHQLQJ VLWHV RU LQ SURMHFWV LQYROYLQJ HVWDEOLVKPHQW RI

SODQWV UHTXLULQJ OLWWOH RU QR PDLQWHQDQFH &RPPXQLWLHV

ZKHUH UHVLGHQWV KDYH OLPLWHG DFFHVV WR SXEOLF DUHDV DUH

LGHDO IRU VXFK SURMHFWV

&DVH6WXGLHV

& &KLFDJR ,OOLQRLV 7KH FLW\ FRQGXFWV D SURJUDP LQ

ZKLFK YDFDQW ORWV DUH VHFXUHG WR SUHYHQW DGGLWLRQDO

GXPSLQJ 9HUWLFDO VWHHO ,EHDPV SURWUXGLQJ D IHZ IHHW

DERYH WKH JURXQG KDYH SURYHQ WR EH WKH PRVW HIIHFWLYH

EDUULHU DW RYHU  ORFDWLRQV 7KH FLW\ SODFHV ¦1R

'XPSLQJ§ VLJQV WKDW DOVR FOHDUO\ LGHQWLI\ WKH SHQDOWLHV

IRU GXPSLQJ 7KH VLJQV KDYH EHHQ HIIHFWLYH LQ FUHDWLQJ

DQ DZDUHQHVV WKDW LOOHJDO GXPSLQJ LV QRW WROHUDWHG

&RQWDFW $OH[DQGUD +ROW 'HSDUWPHQW RI (QYLURQPHQW

 

& %RVWRQ 0DVVDFKXVHWWV %RVWRQ©V EHDXWLILFDWLRQ

LQLWLDWLYHV IRFXV RQ DUUDQJLQJ SDUWQHUVKLSV

PDLQWHQDQFH DJUHHPHQWV DQG DGRSWLRQ RI VSDFH

UHVXOWLQJ LQ FOHDQXSV SDLQWLQJV DQG SODQWLQJV 7KH

<RXWK &OHDQ8S &RUSV 5HG 6KLUWV SURJUDP VHQW RYHU

 \RXWKV LQWR QHLJKERUKRRGV IRU  GD\V UHVXOWLQJ

LQ FOHDQXS RI  VLWHV DQG UHPRYDO RI  EDJV

RI WUDVK ZHLJKLQJ RYHU  WRQV 7KH %URRP WR %ORRP

LQLWLDWLYH LQYROYHV GLVWULEXWLRQ RI SODQWHUV DQG KDQJLQJ

IORZHU EDVNHWV DORQJ VHOHFWHG URDGZD\V &RQWDFW WKH

(QYLURQPHQWDO 6HUYLFHV &DELQHW  

& /RV $QJHOHV &DOLIRUQLD 7KH 1XLVDQFH $OOH\

&RQYHUVLRQ 3URMHFW LV D MRLQW YHQWXUH EHWZHHQ

QHLJKERUKRRGV WKH &LW\ &RXQFLO DQG WKH 'HSDUWPHQW

RI 3XEOLF :RUNV 7KH SURMHFW LQYROYHV IHQFLQJ RII

(QYLURQPHQWDO +RWOLQH  

& :KLWLQJ ,QGLDQD 7KH $PRFR &RUSRUDWLRQ FOHDQHG XS

D DFUH SURSHUW\ ORFDWHG EHWZHHQ UHVLGHQFHV DQG D

WDQN IDUP %H\RQG UHLQWURGXFLQJ QDWLYH JUDVVHV

EXLOGLQJ ELUG ER[HV HOLPLQDWLQJ LQYDVLYH SODQW VSHFLHV

DQG FOHDULQJ SDWKZD\V IRU WUDLOV WKH :LOGOLIH

(QKDQFHPHQW &RXQFLO SURYLGHG JXLGDQFH RQ XVLQJ

FRPPXQLW\ RXWUHDFK DQG LQYROYHPHQW WR VXVWDLQ WKH

HIIRUW 7KH ¦/RVW 0DUVK§ LV QRZ KRPH WR  ELUG DQG

 SODQW VSHFLHV 5RDGZD\V ERUGHULQJ WKH WDQN IDUP

ZHUH EHDXWLILHG E\ SODQWLQJ IORZHUEHGV ODZQV DQG

WUHHV 7KH SURMHFW JHQHUDWHG D UHQHZHG VHQVH RI

HQYLURQPHQWDO VWHZDUGVKLS DQG FRPPXQLW\ SULGH DQG

LW UHDZDNHQHG YDULRXV VWDNHKROGHUV WR WKH YDOXH RI

VPDOO SDUFHOV RI XQGHUGHYHORSHG ODQG &RQWDFW .HYLQ

6SUDJXH $PRFR &RUSRUDWLRQ  
&20081,7<2875($&+$1',192/9(0(17

&20081,7<352*5$06



&RPPXQLW\ SURJUDPV HVWDEOLVKHG WR RUJDQL]H VSHFLDO ZDVWH

FOHDQXS HYHQWV DQG VXSSRUW FRPPXQLW\RULHQWHG SROLFLQJ

KDYH SURYHQ HIIHFWLYH LQ DGGUHVVLQJ LOOHJDO GXPSLQJ

SUREOHPV

7KH IRFXV RI DQ\ FRPPXQLW\ LQYROYHPHQW HIIRUW VKRXOG EH WR

WHDFK UHVLGHQWV ZKDW FDQ EH GRQH WR SUHYHQW LOOHJDO GXPSLQJ

KRZ DQG ZK\ WKH\ VKRXOG JHW LQYROYHG DQG ZKR WR FRQWDFW IRU

DVVLVWDQFH RU WR UHSRUW DQ LQFLGHQW ,Q VRPH DUHDV RUJDQL]HG

FRPPXQLW\ JURXSV VHUYH DV WKH PDLQ FDWDO\VW IRU LQIRUPDWLRQ

H[FKDQJH DQG LQYROYHPHQW DPRQJ UHVLGHQWV

&RPPXQLW\(YHQWV

2UJDQL]HG HYHQWV WR FROOHFW DQG SURSHUO\ GLVSRVH RI LOOHJDOO\

GXPSHG PDWHULDOV VXFK DV WLUH FROOHFWLRQV ¦&OHDQ 6ZHHSV§

DQG FOHDQXS GD\V RIWHQ LQYROYH UHVRXUFHV SURYLGHG E\

JRYHUQPHQW RU LQGXVWU\ DQG WKH HIIRUWV RI ORFDO UHVLGHQWV

&DVH6WXGLHV

& 3KRHQL[ $UL]RQD 7KH FLW\ HVWDEOLVKHG DQ LOOHJDO

GXPSLQJ SUHYHQWLRQ SURJUDP LQ  WKDW LQYROYHV SXEOLF

HGXFDWLRQ FLWL]HQ LQYROYHPHQW GHGLFDWHG ORFDO

SURVHFXWLRQ FRQYHQLHQW ZDVWH GURSRII VLWHV DQG IUHH

GLVSRVDO IRU VPDOO UHVLGHQWLDO ZDVWH ORDGV 3URMHFW +$/7

+HOS $WWDFN /LWWHULQJ DQG 7UDVKLQJ XVHV FLWL]HQ

YROXQWHHUV WR PRQLWRU KLJKIUHTXHQF\ GXPSLQJ DUHDV DQG

DLG LQ UHSRUWLQJ DQG SURVHFXWLQJ LOOHJDO GXPSHUV ,Q 

DQG  WKH SURJUDP FOHDQHG XS RYHU  WRQV RI

ZDVWH DQG RIILFHUV LVVXHG RYHU  FLWDWLRQV &RQWDFW

-XDQ 0DUWLQ 3XEOLF :RUNV 'HSDUWPHQW  

& 7XSHOR 0LVVLVVLSSL 8SRQ UHTXHVW WKH FLW\ ZLOO GURS RII

D WUXFN IRU XVH RYHU D ZHHNHQG E\ UHVLGHQWV WR GLVSRVH

RI ZDVWHV JHQHUDWHG GXULQJ KRPH LPSURYHPHQWV RU

FRPPXQLW\ FOHDQXS SURMHFWV $OWKRXJK WKLV SURJUDP

GRHV QRW DOORZ IRU GLVSRVDO RI WLUHV RU LQGXVWULDO DQG

KRXVHKROG KD]DUGRXV ZDVWHV WKH FLW\ VSRQVRUV VHSDUDWH

HYHQWV IRU WKRVH PDWHULDOV 7KH FLW\ FRYHUV WKH FRVW RI

ZDVWH WUDQVSRUWDWLRQ DQG GLVSRVDO &RQWDFW %R\G

<DUEURXJK 'HSDUWPHQW RI 3XEOLF :RUNV  

& &OLIWRQ 1HZ -HUVH\ 7KH FLW\©V &OHDQ &RPPXQLWLHV

3URJUDP FRQVLVWV RI HYHQWV DQG SURJUDPV LQWHQGHG WR

FOHDQ XS DQG PDLQWDLQ DUHDV VXEMHFW WR GXPSLQJ RU

OLWWHULQJ 7KH SURJUDP LV IXQGHG E\ D VWDWH JUDQW

SURJUDP WKDW UHFHLYHV PRQH\ IURP D WD[ RQ EXVLQHVVHV

WKDW VHOO  W\SHV RI SURGXFWV WKDW RIWHQ HQG XS DV OLWWHU

2YHU  EXVLQHVVHV DOO WKH FLW\©V VFKRROV DQG FLYLF

\RXWK DQG QHLJKERUKRRG RUJDQL]DWLRQV FRQWULEXWH WR WKH

SURJUDP &OLIWRQ©V SURJUDP KDV KDG D VLJQLILFDQW YLVLEOH

LPSDFW RQ WKH FOHDQOLQHVV RI FLW\ VWUHHWV SDUNV DQG

QHLJKERUKRRGV ,Q  DQG  WKH DPRXQW RI OLWWHU

FROOHFWHG GHFUHDVHG IURP  WR  WRQV DQG RYHU

 PLOHV RI VWUHHWV DQG  DFUHV RI SDUNODQG ZHUH

FOHDQHG XS &RQWDFW $OIUHG 'X%RLV 'HSDUWPHQW RI

3XEOLF :RUNV  

& 'HWURLW 0LFKLJDQ 7KH ¦7LUH 5RXQGXS§ VSRQVRUHG E\

WKH 6RXWKZHVW 'HWURLW (QYLURQPHQWDO 9LVLRQV 6'(9

FRPPXQLW\ RUJDQL]DWLRQ HQFRXUDJHV ORFDO UHVLGHQWV WR

JHW LQYROYHG LQ FOHDQLQJ XS VFUDS WLUH SLOHV 8VLQJ D

JUDQW IURP :D\QH &RXQW\ 6'(9 SD\V ORFDO UHVLGHQWV WR

EULQJ LOOHJDOO\ GXPSHG WLUHV WR GHVLJQDWHG GURSRII

ORFDWLRQV ,Q  6'(9 RIIHUHG  FHQWV SHU WLUH DQG

RYHU  WLUHV ZHUH FROOHFWHG $ ZDVWH KDXOHU

WUDQVSRUWHG WLUHV IURP GURSRII ORFDWLRQV WR D WLUH

VKUHGGHU WKDW SURFHVVHG WKH WLUHV DW QR FKDUJH $ ORFDO

EDQN GRQDWHV  WR FRYHU WKH FRVW RI GLVSRVDO

&RQWDFW .DWK\ 0LOEHUJ 6'(9  

&RPPXQLW\2ULHQWHG3ROLFLQJ

&RPPXQLW\RULHQWHG SROLFLQJ LQYROYHV MRLQW HIIRUWV RI

UHVLGHQWV DQG SROLFH WR LGHQWLI\ DQDO\]H DQG GHYHORS

VROXWLRQV WR FULPHUHODWHG SUREOHPV LQFOXGLQJ LOOHJDO

GXPSLQJ $OWKRXJK WKH LPSOHPHQWDWLRQ VWUDWHJ\ GHSHQGV RQ

FRQGLWLRQV ZLWKLQ ORFDO ODZ HQIRUFHPHQW DJHQFLHV DQG WKH

FRPPXQLW\ WKH IROORZLQJ FRUH FRPSRQHQWV DUH FRPPRQ

& 2SHQ FRPPXQLFDWLRQ DQG FRRSHUDWLRQ

& 5HFHSWLYHQHVV WR FKDQJH

& &RPPLWPHQW

& 7UXVW
&20081,7<2875($&+$1',192/9(0(17

&20081,7<352*5$06



3URPRWLRQDO PDWHULDOV IRU FRPPXQLW\ SROLFLQJ SURJUDP

(IIHFWLYH FRPPXQLW\RULHQWHG SROLFLQJ UHTXLUHV RIILFHUV WR SROLFLQJ VWUHQJWKHQ SHQDOWLHV ZDJH D SXEOLF UHODWLRQV

 FRPPXQLFDWH KRZ UHVLGHQWV FDQ DVVLVW LQ FULPH FDPSDLJQ WR PDUNHW SURSHUWLHV VXEMHFW WR GXPSLQJ DQG

SUHYHQWLRQ DQG  GHYHORS FRRSHUDWLYH UHODWLRQVKLSV ZLWK HVWDEOLVK GURSRII VLWHV IRU EXON ZDVWH LWHPV $V D

UHVLGHQWV 3ROLFH FDQ FUHDWH VXFK LQWHUDFWLRQ E\ KROGLQJ ¦EHDW UHVXOW WKH FLW\ SURYLGHV ¦6SDUNOH :DJRQV§ WR UHVLGHQWV

PHHWLQJV§ VSHDNLQJ WR QHLJKERUKRRG JURXSV SDUWLFLSDWLQJ LQ IUHH RI FKDUJH WR KDXO ORDGV RI ZDVWH WR D ODQGILOO

EXVLQHVV DQG FLYLF HYHQWV DQG FRQGXFWLQJ HGXFDWLRQDO 6HYHUDO RWKHU UHFRPPHQGDWLRQV ZHUH LPSOHPHQWHG E\

SURJUDPV IRU VFKRRO FKLOGUHQ 5HVLGHQWV LQ WXUQ YRLFH WKHLU WKH &LW\ &RXQFLO LQFOXGLQJ IRUPLQJ D VSHFLDO WHDP RI

FRQFHUQV DERXW QHLJKERUKRRG FULPH 7KH\ DOVR DVVLVW SROLFH QLQH RIILFHUV WR DWWHQG QHLJKERUKRRG PHHWLQJV DQG YLVLW

E\ UHSRUWLQJ FULPHV DQG LGHQWLI\LQJ RIIHQGHUV ZKHQHYHU VFKRROV WR VSHDN ZLWK VWXGHQWV &RQWDFW WKH

SRVVLEOH SDUWLFLSDWLQJ LQ SROLFHVSRQVRUHG SURJUDPV DQG

VROLFLWLQJ SROLFH LQYROYHPHQW DW FRPPXQLW\ IXQFWLRQV 2YHU

 FLWLHV LQ WKH 8QLWHG 6WDWHV KDYH HVWDEOLVKHG

FRPPXQLW\ SROLFLQJ SURJUDPV

)RU LQIRUPDWLRQ RQ JUDQWV WR HVWDEOLVK FRPPXQLW\ SROLFLQJ

SURJUDPV FRQWDFW

8QLWHG 6WDWHV 'HSDUWPHQW RI -XVWLFH

2IILFH RI &RPPXQLW\ 3ROLFLQJ 6HUYLFHV

 9HUPRQW $YHQXH 1:

:DVKLQJWRQ '& 

 

KWWSZZZXVGRMJRYFRSV

&DVH6WXGLHV

& &KLFDJR ,OOLQRLV 7KH SROLFH GHSDUWPHQW©V FRPPXQLW\

SROLFLQJ SURJUDP HPSOR\V D FRPPXQLW\EDVHG DSSURDFK

3ROLFH RIILFHUV DQG UHVLGHQWV PHHW PRQWKO\ DW ¦EHDW

PHHWLQJV§ WR LGHQWLI\ QHLJKERUKRRG FULPH LVVXHV DQG

GHYHORS VWUDWHJLHV 7KH LQIRUPDWLRQ SURYLGHG WR WKH

SROLFH KHOSV RIILFHUV WR LGHQWLI\ SDWWHUQV RI LOOHJDO GXPSLQJ

DQG SULRULWL]H VXUYHLOODQFH RSHUDWLRQV 'HSDUWPHQW RI

(QYLURQPHQW VWDII SDUWLFLSDWH E\ SURYLGLQJ LQIRUPDWLRQ

VSHFLILF WR LOOHJDO GXPSLQJ DW WKH PHHWLQJV :DOOHW FDUGV

DQG UHIULJHUDWRU PDJQHWV DUH GLVWULEXWHG WKDW GLVSOD\ D

KRWOLQH QXPEHU WR FDOO LQ RUGHU WR UHSRUW LOOHJDO GXPSLQJ

FULPHV &RQWDFW $OH[DQGUD +ROW 'HSDUWPHQW RI

(QYLURQPHQW  

& &KDWWDQRRJD 7HQQHVVHH 7KH &LWL]HQV 7DVN )RUFH RQ

1HLJKERUKRRGV UHYLHZHG FLW\ SROLFLHV RQ LOOHJDO GXPSLQJ

DQG PDGH UHFRPPHQGDWLRQV WR LPSURYH FRPPXQLW\

'HSDUWPHQW RI 3XEOLF :RUNV  

& &ULPHVWRSSHUV 6HYHUDO FRPPXQLWLHV ZLWK SHUVLVWHQW

LOOHJDO GXPSLQJ SUREOHPV FKRRVH WR KLJKOLJKW D SDUWLFXODU

GXPSLQJ LQFLGHQW DV WKH ¦&ULPH RI WKH :HHN§ LQ ORFDO

&ULPHVWRSSHUV SURJUDPV 7KH FDVH LV KLJKOLJKWHG RQ

WHOHYLVLRQ UDGLR DQG WKH ,QWHUQHW SURYLGLQJ SHUWLQHQW

GHWDLOV DERXW WKH FULPH DQG DVNLQJ WKH SXEOLF IRU KHOS LQ

LGHQWLI\LQJ VXVSHFWV RU YHKLFOHV WKDW PD\ KDYH EHHQ

LQYROYHG $ WROOIUHH QXPEHU LV SURYLGHG DQG FDOOHUV FDQ

UHPDLQ DQRQ\PRXV ,I D WLS OHDGV WR DQ DUUHVW WKH FDOOHU

SURYLGLQJ WKH LQIRUPDWLRQ LV HOLJLEOH IRU D FDVK UHZDUG

+XQGUHGV RI &ULPHVWRSSHUV SURJUDPV H[LVW WKURXJKRXW

WKH 8QLWHG 6WDWHV DQG UHJLRQDO GLUHFWRULHV RI ORFDO

SURJUDPV DUH DYDLODEOH &RQWDFW &ULPHVWRSSHUV

,QWHUQDWLRQDO ,QF 32 %R[  $OEXTXHUTXH 1HZ

0H[LFR  RU KWWSZZZFVLRUJ
&20081,7<2875($&+$1',192/9(0(17

())(&7,9(2875($&+$1'('8&$7,21



0DQ\ DUJXH WKDW WKH PRVW LPSRUWDQW FRPSRQHQW RI D

VXFFHVVIXO LOOHJDO GXPSLQJ SUHYHQWLRQ SURJUDP LV SXEOLF

HGXFDWLRQ +RZHYHU RXWUHDFK DQG HGXFDWLRQ SURJUDPV

DUH RQO\ HIIHFWLYH ZKHQ WKH EHKDYLRU RI D WDUJHW DXGLHQFH

FKDQJHV RU LV VXVWDLQHG ,Q WKLV UHJDUG GHVLJQLQJ DQG

LPSOHPHQWLQJ HIIHFWLYH RXWUHDFK DQG HGXFDWLRQ SURJUDPV

IRU LOOHJDO GXPSLQJ SUHYHQWLRQ DUH VLPLODU WR PDUNHWLQJ

FDPSDLJQV IRU FRQVXPHU SURGXFWV RU VHUYLFHV

7DUJHW$XGLHQFH

,GHQWLILFDWLRQ RI D WDUJHW DXGLHQFH WKDW QHHGV WR FKDQJH RU

VXVWDLQ LWV EHKDYLRU LV WKH ILUVW VWHS ,W LV LPSRUWDQW WR EHJLQ

E\ GHVLJQLQJ DQ DSSURDFK WDLORUHG WR WKH VSHFLILF

FKDUDFWHULVWLFV RI WKH WDUJHW DXGLHQFH $Q DXGLHQFH

DVVHVVPHQW FDQ GHWHUPLQH ZKLFK LQIRUPDWLRQ PHGLD DUH

DSSURSULDWH DQG WKH EHVW ZD\V WR H[SODLQ FRQFHSWV DV ZHOO

DV WKH QHHG IRU PXOWLOLQJXDO LQIRUPDWLRQ ,QYROYLQJ PHPEHUV

RI WKH WDUJHW DXGLHQFH JUHDWO\ DVVLVWV LQ GHYHORSPHQW RI

RXWUHDFK PDWHULDOV

$6LPSOH0HVVDJH

$ FOHDU VLPSOH PHVVDJH WR ZKLFK WKH WDUJHW DXGLHQFH FDQ

UHODWH PXVW EH GHYHORSHG 7KH PHVVDJH FDQ EH DV VLPSOH

DV ¦1R 'XPSLQJ§ ¦1DLO $ 'XPSHU§ RU ¦.HHS ,W &OHDQ§

7KH PHVVDJH FDQ WKHQ EH VXSSRUWHG ZLWK LQIRUPDWLRQ

FRQYLQFLQJ WKH DXGLHQFH WR FRPSO\ LQFOXGLQJ

 /LVWLQJ ILQHV DQG SHQDOWLHV

 ,QGLFDWLQJ WKDW DUHDV DUH XQGHU VXUYHLOODQFH

 6KRZLQJ SKRWRJUDSKV RI GXPS VLWHV

 4XDQWLI\LQJ WKH FRVWV RI FOHDQLQJ XS VLWHV DQG WKH

UHVXOWLQJ LPSDFWV RQ ORFDO WD[HV

 /LVWLQJ SURSHU GLVSRVDO VLWHV DQG SUDFWLFHV

&RPPXQLFDWLRQ

8VH RI YDULRXV PHWKRGV WR GLVVHPLQDWH LQIRUPDWLRQ ZLOO

HQVXUH WKDW WKH PHVVDJH LV UHFHLYHG E\ WKH WDUJHW

DXGLHQFH 0HGLD WKDW FDQ EH XVHG LQFOXGH QHZVSDSHUV

PDJD]LQHV IO\HUV ELOOERDUGV SRVWHUV WHOHYLVLRQ UDGLR WKH

,QWHUQHW ZDOOHW FDUGV DQG UHIULJHUDWRU PDJQHWV $Q

LQWHJUDWHG DSSURDFK LQYROYLQJ GLIIHUHQW PHGLD FDQ

PD[LPL]H WKH LPSDFW RI WKH PHVVDJH

&RQILUPDWLRQ

6ROLFLWLQJ IHHGEDFN RQ RXWUHDFK DQG HGXFDWLRQ HIIRUWV

DVVLVWV LQ FRQWLQXDWLRQ RI FXUUHQW SURJUDPV DQG

GHYHORSPHQW RI IXWXUH HIIRUWV )RU H[DPSOH FDOOHUV WR D 

KRXU KRWOLQH FDQ EH DVNHG KRZ WKH\ KHDUG DERXW WKH

V\VWHP 7KH UHVSRQVHV FDQ EH GRFXPHQWHG DQG HYDOXDWHG

WR GHWHUPLQH ZKLFK DGYHUWLVLQJ PHWKRGV DUH UHDFKLQJ

UHVLGHQWV

$YDLODEOH5HVRXUFHV

,I FRPPXQLFDWLRQ VHUYLFH SURYLGHUV DUH PDGH DZDUH RI WKH

SXUSRVH RI D FRPPXQLW\ RXWUHDFK SURMHFW WKH\ PD\ EH

ZLOOLQJ WR GRQDWH SULQWLQJ VHUYLFHV JUDSKLFV VHUYLFHV DLU

WLPH VXSSOLHV RU HTXLSPHQW ,Q DGGLWLRQ HPSOR\HHV RI

ORFDO LQGXVWULHV PD\ RIIHU WKHLU WLPH DQG WDOHQWV WR VXSSRUW

DZDUHQHVV DQG SUHYHQWLRQ SURJUDPV

.HHS $PHULFD %HDXWLIXO ,QF KHOSV FRPPXQLWLHV WR SUHYHQW

OLWWHULQJ HQFRXUDJH FRPPXQLW\ EHDXWLILFDWLRQ DQG JHQHUDWH

RQJRLQJ VXSSRUW IRU LQWHJUDWHG ZDVWH PDQDJHPHQW

.HHS $PHULFD %HDXWLIXO ,QF

 :DVKLQJWRQ %RXOHYDUG

6WDPIRUG &7 

 

KWWSZZZNDERUJ
&20081,7<2875($&+$1',192/9(0(17

())(&7,9(2875($&+$1'('8&$7,21



,Q DGGLWLRQ LQH[SHQVLYH ODERU WR GHYHORS DQG FRQGXFW LV XVHG WR IRUZDUG FLWL]HQ FRPSODLQWV WR ORFDO ODZ

FRPPXQLW\ RXWUHDFK HIIRUWV FDQ EH IRXQG DW ORFDO HQIRUFHPHQW RIILFLDOV IRU UHVSRQVH &RPSODLQWV FDQ

XQLYHUVLWLHV 7KH (QYLURQPHQWDO &DUHHUV 2UJDQL]DWLRQ DQG DOVR EH VXEPLWWHG HOHFWURQLFDOO\ YLD WKH ,QWHUQHW 7KH

WKH $PHULFRUSV SURJUDP SURYLGH ORZFRVW VWXGHQW LQWHUQV SURJUDP©V VORJDQ LV ¦,I <RX 6HH ,W 5HSRUW ,W§ DQG WKH

LQYROYHG LQ HQYLURQPHQWDO VWXGLHV IRU SURMHFWV SURJUDP KDV VHYHUDO HGXFDWLRQDO DVSHFWV LQFOXGLQJ

7KH (QYLURQPHQWDO &DUHHUV 2UJDQL]DWLRQ :DQWHG§ OLVW RI LOOHJDO GXPS VLWHV &RQWDFW +HDWKHU

 6RXWK 6WUHHW

%RVWRQ 0$ 

 

KWWSZZZHFRRUJ

$PHULFRUSV9,67$ 3URJUDP

&RUSRUDWLRQ IRU 1DWLRQDO 6HUYLFH

 1HZ <RUN $YHQXH 1:

:DVKLQJWRQ '& 

 

KWWSZZZFQVJRY

&DVH6WXGLHV

& 3KLODGHOSKLD 3HQQV\OYDQLD 3KLOODSULGH XVHV D

PXOWLPHGLD DSSURDFK WR SXEOLFL]H LOOHJDO GXPSLQJ

SUHYHQWLRQ DQG HQIRUFHPHQW DFWLYLWLHV $ ERRNOHW WLWOHG

¦2UJDQL]LQJ <RXU &RPPXQLW\ $JDLQVW ,OOHJDO 'XPSLQJ§

WKDW RXWOLQHV PHWKRGV IRU EXLOGLQJ WHDPV WR FRPEDW

LOOHJDO GXPSLQJ ZDV GHYHORSHG DQG GLVWULEXWHG

7HOHYLVLRQ DQG UDGLR VSRWV DUH XVHG WR DQQRXQFH ZD\V

IRU ORFDO UHVLGHQWV WR SUHYHQW DQG UHSRUW GXPSLQJ VXFK

DV FDOOLQJ D KRXU KRWOLQH ,Q DGGLWLRQ LQIRUPDWLRQ

VSHFLILFDOO\ WDUJHWLQJ FKLOGUHQ LV SXEOLVKHG LQFOXGLQJ DQ

HGXFDWLRQDO FRPLF ERRN VHULHV IRU VFKRROV FDOOHG ¦7KH

8QWUDVKDEOHV§ &RQWDFW 0DUN 9LJLDQR 3KLOODSULGH

 

& 1RUWK&HQWUDO 7H[DV 7KH &RXQFLO RI *RYHUQPHQWV

HVWDEOLVKHG D FRPSUHKHQVLYH DZDUHQHVV FDPSDLJQ

XQGHU D JUDQW IURP WKH 7H[DV 1DWXUDO 5HVRXUFH

&RQVHUYDWLRQ &RPPLVVLRQ $ WROOIUHH KRXU KRWOLQH

ODZ HQIRUFHPHQW WUDLQLQJ DQG D ¦7RS 7HQ 0RVW /HDVW

/DXGHQ &RXQFLO RI *RYHUQPHQWV  

& $NURQ 2KLR .HHS $NURQ %HDXWLIXO VROLFLWV WKH

LQYROYHPHQW DQG VXSSRUW RI ORFDO LQGXVWU\ IRU LOOHJDO

GXPSLQJ SUHYHQWLRQ DQG DZDUHQHVV SURJUDPV

0HPEHUV RI WKH ¦&OHDQ 7HDP§ YLVLW EXVLQHVVHV WR

GLVWULEXWH DQWLOLWWHULQJ LQIRUPDWLRQ DQG HGXFDWLRQDO

PDWHULDOV ,Q DGGLWLRQ ¦6HDOV RI $SSURYDO§ DUH

SUHVHQWHG WR EXVLQHVVHV WKDW GHPRQVWUDWH H[HPSODU\

HQYLURQPHQWDO VWHZDUGVKLS 7KH SURJUDP HQFRXUDJHV

LQGLYLGXDO UHVLGHQW LQYROYHPHQW LQ OLWWHULQJ SUHYHQWLRQ

&RQWDFW 3DXOD 'DYLV .HHS $NURQ %HDXWLIXO ,QF

 

& )UDQNOLQ &RXQW\ 2KLR 7KH 6ROLG :DVWH $XWKRULW\ RI

&HQWUDO 2KLR©V ¦1DLO D 'XPSHU§ SURJUDP KDV D KRXU

KRWOLQH D GHGLFDWHG LQYHVWLJDWLRQ WHDP D VWURQJ

SURVHFXWLRQ UHFRUG DQG HIIHFWLYH RXWUHDFK HIIRUWV

2YHU  FRPSODLQWV KDYH EHHQ UHFHLYHG ZLWK QHDUO\

 SHUFHQW UHVXOWLQJ LQ FULPLQDO FKDUJHV EHLQJ ILOHG DQG

RYHU  FDVHV KDYH EHHQ SURVHFXWHG 7KH

SURJUDP©V H[WHQVLYH HGXFDWLRQ HIIRUWV DQG FOHDQXS

SURMHFWV DUH HIIHFWLYH LQ LQYROYLQJ VFKRROFKLOGUHQ

UHVLGHQWV DQG FRPSDQLHV $Q (QYLURQPHQWDO

,QYHVWLJDWLRQV :RUNVKRS IRU RWKHU ODZ HQIRUFHPHQW

DJHQFLHV LQ 2KLR ZDV GHYHORSHG EDVHG RQ DFWXDO

H[SHULHQFHV RI WKH FRXQW\ SURVHFXWRU DQG VKHULII 7KH

¦1DLO D 'XPSHU§ SURJUDP LQYROYHV FRRSHUDWLRQ DPRQJ

WKH )UDQNOLQ &RXQW\ 3URVHFXWLQJ $WWRUQH\©V 2IILFH

6KHULII©V 'HSDUWPHQW %RDUG RI +HDOWK DQG &LW\ RI

&ROXPEXV 5HIXVH 'HSDUWPHQW &RQWDFW 0LW]L .OLQH

)UDQNOLQ &RXQW\ %RDUG RI +HDOWK  
(IIHFWLYH 2UGLQDQFH &RPSRQHQWV

 'HILQLWLRQ RI NH\ WHUPV

 $XWKRULW\ IRU LQVSHFWLRQV DQG

HQIRUFHPHQW

 $XWKRULW\ IRU YHKLFOH LPSRXQGPHQW

 3HUPLWWLQJ DQG DSSOLFDWLRQ UHTXLUHPHQWV

 3HUPLW UHQHZDO WUDQVIHU DQG UHYRFDWLRQ

SURYLVLRQV

 &ROOHFWLRQ DQG KDXOLQJ UHTXLUHPHQWV

 6WRUDJH DQG SURFHVVLQJ UHTXLUHPHQWV

 )HH FROOHFWLRQ

 3URKLELWHG DFWLYLWLHV DQG YLRODWLRQV

 /LWWHU SUHYHQWLRQ

 2ZQHU UHVSRQVLELOLWLHV

 3HQDOW\ FODXVHV

 /LDELOLW\ FODXVHV

 6HYHUDELOLW\ FODXVHV

 3URVHFXWLRQ SURFHGXUHV

 $XWKRULW\ IRU HPHUJHQF\ DEDWHPHQW

DFWLYLWLHV

 &RVW UHFRYHU\

7$5*(7('(1)25&(0(17

25',1$1&(6



7KH ¦EDFNERQH§ RI HIIHFWLYH HQIRUFHPHQW FRQVLVWV RI SURVHFXWHG 2UGLQDQFHV UHTXLUH WKH IROORZLQJ WR EH

RUGLQDQFHV WKDW UHJXODWH ZDVWH PDQDJHPHQW DQG SURKLELW HIIHFWLYH

LOOHJDO GXPSLQJ

2UGLQDQFHV FDQ UHTXLUH SHUPLWWLQJ RU OLFHQVLQJ RI ZDVWH

PDQDJHPHQW DFWLYLWLHV SURKLELW RSHQ EXUQLQJ DQG GXPSLQJ

RQ SULYDWH DQG SXEOLF SURSHUW\ RU UHTXLUH RZQHUV RI UHQWDO

SURSHUWLHV WR FRQWUDFW IRU ZDVWH SLFNXS VHUYLFHV IRU UHQWHUV

(IIHFWLYH RUGLQDQFHV LQFOXGH FOHDU GHILQLWLRQV RI NH\ WHUPV

WR DYRLG ¦JUD\§ DUHDV

,Q DGGLWLRQ RUGLQDQFHV FDQ LPSRVH SHQDOWLHV LQFOXGLQJ

& )LQHV

& ,QFDUFHUDWLRQ

& 9HKLFOH LPSRXQGPHQW

& &RVW UHFRYHU\ IRU VLWH FOHDQXS RU VHFXULW\

& /LHQV RQ SURSHUW\

& 5HYRFDWLRQ RI OLFHQVHV RU SHUPLWV

& &RPPXQLW\ VHUYLFH

&UHDWLYH XVH RI SHQDOWLHV FDQ FRQWULEXWH WR D SUHYHQWLRQ

SURJUDP )RU H[DPSOH ILQHV FDQ JHQHUDWH SURJUDP

IXQGLQJ LI FROOHFWLRQ V\VWHPV DUH DGHTXDWH RU FDQ EH

WUDQVIHUUHG WR DQ DFFRXQW IURP ZKLFK FLWL]HQ UHZDUGV FDQ

EH SDLG &RPPXQLW\ VHUYLFH UHTXLUHPHQWV FDQ EH GLUHFWHG

WRZDUG FOHDQXS DQG EHDXWLILFDWLRQ SURMHFWV

3HUPLWWLQJ RI WUDQVIHU VWDWLRQV DQG UHF\FOLQJ IDFLOLWLHV DOORZV

UHJXODWRUV WR PRQLWRU ZDVWH ORDGV YLD UHFHLSWV ORDG WLFNHWV

RU PDQLIHVWV ,Q DGGLWLRQ HQIRUFHPHQW RIILFLDOV DQG

UHVLGHQWV FDQ PRUH HDVLO\ UHFRJQL]H XQOLFHQVHG ZDVWH

KDXOHUV LI OLFHQVLQJ SODFDUGV RU VWLFNHUV DUH UHTXLUHG

6LPLODU FRQWUROV FDQ EH XVHG WR PRQLWRU GLVSRVDO RI ZDVWH

JHQHUDWHG E\ GHPROLWLRQ SURMHFWV

2UGLQDQFHV SHUPLWV DQG OLFHQVHV DUH HIIHFWLYH RQO\ WR WKH

H[WHQW WKDW WKH\ DUH HQIRUFHG DQG RIIHQGHUV DUH

 6XIILFLHQW UHVRXUFHV

 7UDLQHG HQIRUFHPHQW RIILFLDOV

 &OHDU OLQHV RI DXWKRULW\

 7LPHO\ SURVHFXWLRQ

 6XSSRUW RI WKH MXGLFLDO V\VWHP

(IIHFWLYH RUGLQDQFHV PXVW EH WDLORUHG WR PHHW VSHFLILF

QHHGV +RZHYHU WKH IROORZLQJ FRPSRQHQWV DUH

UHFRPPHQGHG WR VXSSRUW D FRPSUHKHQVLYH SUHYHQWLRQ

SURJUDP
7$5*(7('(1)25&(0(17

25',1$1&(6



&DVH6WXGLHV

& 1HZ <RUN 1HZ <RUN 7KH FLW\ GHILQHV LOOHJDO

GXPSLQJ DV WKH DFWLRQ RI ¦DQ\ SHUVRQ WKHLU DJHQW

HPSOR\HH RU DQ\ SHUVRQ XQGHU WKHLU FRQWURO WR VXIIHU RU

SHUPLW DQ\ GLUW VDQG JUDYHO FOD\ VWRQH URFNV

UXEELVK EXLOGLQJ UXEELVK VDZGXVW VKDYLQJV RU WUDGH

RU KRXVHKROG ZDVWH UHIXVH DVKHV PDQXUH JDUEDJH

UXEELVK RU GHEULV RI DQ\ VRUW RU DQ\ RWKHU RUJDQLF RU

QRQRUJDQLF PDWHULDO RU RWKHU RIIHQVLYH PDWWHU EHLQJ

WUDQVSRUWHG LQ D GXPS WUXFN RU RWKHU YHKLFOH WR EH

GXPSHG GHSRVLWHG RU RWKHUZLVH GLVSRVHG RI LQ RU XSRQ

DQ\ VWUHHW ORW SDUN SXEOLF SODFH RU RWKHU DUHD ZKHWKHU

SXEOLFO\ RU SULYDWHO\ RZQHG§ 9HKLFOH RZQHUV RU GULYHUV

DUH OLDEOH DQG ILQHV UDQJH IURP  WR 

6HFWLRQ  $GPLQLVWUDWLYH &RGH &LW\ RI 1HZ

<RUN

& &KLFDJR ,OOLQRLV &LW\ SHQDOWLHV IRU GXPSLQJ ZLWKRXW D

SHUPLW FDQ LQFOXGH ILQHV XS WR   PRQWKV LQ MDLO

DQG XS WR  KRXUV RI FRPPXQLW\ VHUYLFH 9LRODWRUV

DUH OLDEOH IRU XS WR WKUHH WLPHV WKH FRVW RI FOHDQLQJ XS

D VLWH DQG FLW\ FRQWUDFWV FDQ EH WHUPLQDWHG 9HKLFOHV

DUH VXEMHFW WR VHL]XUH DQG LPSRXQGPHQW ZLWK WKH

RZQHU RI UHFRUG OLDEOH IRU D  ILQH LQ DGGLWLRQ WR

WRZLQJ DQG VWRUDJH IHHV )LQDOO\ RZQHUV RU RFFXSDQWV

RI DQ\ XQLPSURYHG SDUFHO RI UHDO HVWDWH PXVW UHPRYH

DQ\ DEDQGRQHG RU GHUHOLFW PRWRU YHKLFOH JDUEDJH

GHEULV UHIXVH OLWWHU RU PLVFHOODQHRXV ZDVWH

9LRODWLRQV FDQ UHVXOW LQ ILQHV RI  WR  SHU GD\

2UGLQDQFHV  DQG  0XQLFLSDO &RGH

&LW\ RI &KLFDJR

& +DPPRQG ,QGLDQD 3HUPLWV DQG IHHV DUH UHTXLUHG

IRU LQVSHFWLRQ RI ZDVWHKDXOLQJ YHKLFOHV $  SHU

YHKLFOH IHH LV UHTXLUHG IRU YHKLFOHV LQFOXGLQJ SLFNXS

WUXFNV WKDW KDXO ZDVWH 3HUPLWV DUH QRW UHTXLUHG IRU

DQ\ IHGHUDOO\ VWDWH FRXQW\ RU PXQLFLSDOO\ RZQHG DQG

RSHUDWHG ZDVWHKDXOLQJ YHKLFOHV $W WKH WLPH RI

SD\PHQW IRU WKH SHUPLW D QXPEHUHG VWLFNHU LV LVVXHG

WKDW PXVW EH DWWDFKHG WR WKH UHJXODWHG ZDVWHKDXOLQJ

YHKLFOH LQ D FRQVSLFXRXV ORFDWLRQ $UWLFOH 

$GPLQLVWUDWLYH &RGH &LW\ RI +DPPRQG

& 6WDWH RI 0LFKLJDQ 7KH 1DWXUDO 5HVRXUFHV DQG

(QYLURQPHQWDO 3URWHFWLRQ $FW UHJXODWHV WUDQVSRUWDWLRQ

VWRUDJH DQG GLVSRVDO RI VFUDS WLUHV 7LUH UHWDLOHUV PXVW

PDLQWDLQ UHFRUGV LQGLFDWLQJ WKH QXPEHU RI VFUDS WLUHV

UHPRYHG DQG WKHLU ILQDO GHVWLQDWLRQ +DXOHUV PXVW

PDLQWDLQ UHFRUGV RI HDFK ORDG RI VFUDS WLUHV

WUDQVSRUWHG RQ DQ DSSURYHG PDQLIHVW IRUP $ FRS\ RI

WKH IRUP PXVW EH SURYLGHG WR WKH SHUVRQ FRQWUDFWLQJ IRU

UHPRYDO RI VFUDS WLUHV DQG WKH UHJLVWHUHG FROOHFWLRQ VLWH

RU OLFHQVHG ODQGILOO ZKHUH WKH WLUHV DUH GHOLYHUHG

+DXOHUV DQG FROOHFWLRQ VLWH RZQHUV PXVW GLVSOD\

UHJLVWUDWLRQ QXPEHUV DQG UHQHZ WKHLU UHJLVWUDWLRQV

DQQXDOO\ 7KH VWDWH SDUWQHUV ZLWK ORFDO ODZ

HQIRUFHPHQW WR HQIRUFH WKH SURYLVLRQV RI WKH DFW

3XEOLF $FW  3DUW 
7$5*(7('(1)25&(0(17

'(',&$7('(1)25&(0(17$1'3526(&87,21



7UDVK WDVN IRUFH DUUHVWLQJ DQ HQYLURQPHQWDO RIIHQGHU

'HGLFDWHG HQIRUFHPHQW DQG SURVHFXWLRQ SHUVRQQHO DUH $ GHGLFDWHG WDVN IRUFH FDQ EH IRUPHG WKDW FRQVLVWV RI

YDOXDEOH FRQWULEXWRUV WR DQ LOOHJDO GXPSLQJ SUHYHQWLRQ HQIRUFHPHQW RIILFLDOV IURP GLIIHUHQW GHSDUWPHQWV RU

SURJUDP DJHQFLHV ZLWK WKH DXWKRULW\ RU UHVSRQVLELOLW\ IRU LOOHJDO

(QIRUFHPHQW

'HGLFDWLQJ RIILFHUV WR LOOHJDO GXPSLQJ SUHYHQWLRQ DQG

HQIRUFHPHQW LV DQ H[DPSOH RI KRZ KLJKOHYHO DXWKRULWLHV

FDQ VXSSRUW SUHYHQWLRQ HIIRUWV /DZ HQIRUFHPHQW RIILFHUV

DVVLJQHG WR LOOHJDO GXPSLQJ PXVW KDYH NQRZOHGJH RI

DSSOLFDEOH ODZV DQG RUGLQDQFHV ,Q DGGLWLRQ WKH\ PXVW KDYH

WKH DXWKRULW\ WR LVVXH FLWDWLRQV PDNH DUUHVWV LPSRXQG

YHKLFOHV DQG FRQGXFW VXUYHLOODQFH 2IILFHUV IURP ORFDO

SROLFH RU VKHULII©V GHSDUWPHQWV DUH LGHDO FDQGLGDWHV IRU

DVVLJQPHQW 2IIGXW\ RIILFHUV FDQ VXSSOHPHQW RQGXW\ VWDII

GXULQJ ZDUPZHDWKHU PRQWKV ZKHQ GXPSLQJ DFWLYLW\

SHDNV ,Q PDQ\ FDVHV LQYHVWLJDWLQJ GXPSLQJ FDVHV

SURYLGHV RIILFHUV ZLWK WKH RSSRUWXQLW\ WR IXUWKHU LQYHVWLJDWH

VXVSHFWV RU SUHPLVHV IRU RWKHU FULPHV

2WKHU JRYHUQPHQW DJHQFLHV VXFK DV KHDOWK VHZHU RU

HQYLURQPHQWDO GHSDUWPHQWV FDQ DOVR GHGLFDWH SHUVRQQHO

WR LOOHJDO GXPSLQJ FDVHV EXW WKH\ PXVW KDYH HLWKHU

DSSURSULDWH DXWKRULW\ RU HDV\ DFFHVV WR ODZ HQIRUFHPHQW

RIILFHUV 7KH ODWWHU UHTXLUHV DQ HIILFLHQW PHDQV RI

FRPPXQLFDWLRQ DQG PRUH LPSRUWDQWO\ D FRPPLWPHQW E\

RIILFHUV ZLWK DXWKRULW\ WR SURYLGH WLPHO\ EDFNXS

GXPSLQJ SUHYHQWLRQ 6XFK FROODERUDWLYH HIIRUWV HQFRXUDJH

FRRSHUDWLRQ DQG UHGXFH WKH EXUGHQ RQ LQGLYLGXDO

RUJDQL]DWLRQV 7DVN IRUFHV ZLWK UHSUHVHQWDWLYHV IURP

GLIIHUHQW OHYHOV RI JRYHUQPHQW FLW\ FRXQW\ VWDWH RU

IHGHUDO FDQ EH HIIHFWLYH LQ ZRUNLQJ WRJHWKHU WR DSSO\ WKH

VWURQJHVW RUGLQDQFH RU ODZ WR DQ RIIHQGHU

&DVH6WXGLHV

& 'HWURLW 0LFKLJDQ 7KH 'HWURLW (QYLURQPHQWDO

(QIRUFHPHQW 3URMHFW '((3 7DVN )RUFH FRQVLVWV RI

RIILFLDOV IURP WKH ODZ ILUH SROLFH SXEOLF ZRUNV ZDWHU

HQYLURQPHQWDO DIIDLUV FRPPXQLFDWLRQV DQG SODQQLQJ

GHSDUWPHQWV ,Q WKH SLORW SKDVH VHYHQ SROLFH RIILFHUV

WZR ILUHILJKWHUV DQG IRXU VWDWH FRQVHUYDWLRQ RIILFHUV

FRQGXFWHG VXUYHLOODQFH DQG LQYHVWLJDWHG LOOHJDO

GXPSLQJ LQ WZR WDUJHW SUHFLQFWV 'ULYLQJ XQPDUNHG

FDUV GRQDWHG E\ D ORFDO DXWR PDQXIDFWXUHU DQG

ZHDULQJ SODLQ FORWKHV WKLV WHDP DWWHPSWHG WR FDWFK

GXPSHUV LQ WKH DFW $ WROOIUHH FRPSODLQW KRWOLQH ZDV

HVWDEOLVKHG DQG UHSRUWHG FDVHV DUH HOHFWURQLFDOO\

WUDFNHG 7KH SURJUDP KDV UHVXOWHG LQ QHDUO\ 

DUUHVWV 7DVN IRUFH DFWLYLWLHV ZHUH H[SDQGHG WR LQYROYH

DOO  SROLFH SUHFLQFWV &RQWDFW *UHJRU\ 0RRUH

(QYLURQPHQWDO $IIDLUV 'HSDUWPHQW  

& 6W /RXLV 0LVVRXUL 7KH 7UDVK 7DVN )RUFH FRQVLVWV

RI RIIGXW\ SROLFH RIILFHUV ZKR XVH SHUVRQDO YHKLFOHV WR

FRQGXFW VXUYHLOODQFH DQG HQIRUFH LOOHJDO GXPSLQJ

RUGLQDQFHV 7DVN IRUFH PHPEHUV DUH FDUHIXOO\ FKRVHQ

DQG PXVW EH IRUPHU GHWHFWLYHV ZLWK H[SHULHQFH

LQYHVWLJDWLQJ HQYLURQPHQWDO FULPHV 7KH RIILFHUV VLJQ

LQGHSHQGHQW FRQWUDFWV WR FRYHU WKH  KRXUV SHU ZHHN

WKH\ VSHQG RQ WDVN IRUFH DFWLYLWLHV 7KH\ PDNH DUUHVWV

DQG FRQWDFW RQGXW\ RIILFHUV XVLQJ FHOOXODU SKRQHV WR

REWDLQ EDFNXS RU WUDQVSRUW RIIHQGHUV 7KH WDVN IRUFH

DOVR UHVSRQGV WR FLWL]HQ FRPSODLQWV UHFHLYHG WKURXJK

WKH &LWL]HQV 6HUYLFH %XUHDX ZKLFK DFWV DV D
7$5*(7('(1)25&(0(17

'(',&$7('(1)25&(0(17$1'3526(&87,21



7UDVK WDVN IRUFH PHPEHUV KROGLQJ VLJQ GHVFULELQJ UHZDUG

SURJUDP

FOHDULQJKRXVH IRU LOOHJDO GXPSLQJ TXHVWLRQV DQG SURVHFXWRU FDQ EH D YDOXDEOH UHVRXUFH IRU RIILFHUV

FRPSODLQWV ,Q  DQG  WKH WDVN IRUFH PDGH LQYHVWLJDWLQJ JDWKHULQJ HYLGHQFH IRU DQG GHYHORSLQJ

RYHU  DUUHVWV WRZHG  YHKLFOHV DQG PDGH RYHU FDVHV :LWK NQRZOHGJH RI WKH FRXUW V\VWHP DQG FDVH

 LQYHVWLJDWLRQV &RQWDFW -HII 7RZHUV 7UDVK 7DVN SUHFHGHQWV D GHGLFDWHG SURVHFXWRU FDQ KHOS HQVXUH WKDW

)RUFH  

& /RV $QJHOHV &DOLIRUQLD 7KH %XUHDX RI 6WUHHW

0DLQWHQDQFH ZDV VSHQGLQJ RYHU  PLOOLRQ DQQXDOO\ WR

FOHDQ XS LOOHJDOO\ GXPSHG PDWHULDO ,Q SDUWQHUVKLS ZLWK

WKH SROLFH GHSDUWPHQW DQG &LW\ &RXQFLO D WDVN IRUFH

FRQVLVWLQJ RI WZR SROLFH RIILFHUV DQG  UHVHUYH RIILFHUV

SROLFHWUDLQHG YROXQWHHUV ZDV FUHDWHG 7KH UHVHUYH

RIILFHUV VXUYH\ ORFDWLRQV IUHTXHQWHG E\ GXPSHUV WR

FDWFK YLRODWRUV LQ WKH DFW 2YHU  DUUHVWV ZHUH PDGH

DQG  YHKLFOHV ZHUH LPSRXQGHG EHWZHHQ  DQG

 7KH SURJUDP UHDOL]HG SROLFH VDODU\ VDYLQJV RI

 E\ XVLQJ UHVHUYH RIILFHUV ORFDO EXVLQHVVHV

ZHUH UHWDLQHG DQG FLWL]HQV EHFDPH PRUH DFWLYH LQ

UHSRUWLQJ FULPHV &RQWDFW 2IILFHU -HII &KXUFKLOO 3ROLFH

'HSDUWPHQW   

3URVHFXWLRQ

7KH HQIRUFHPHQW SURFHVV FDQ EH IXUWKHU HQKDQFHG E\

GHGLFDWLQJ D ORFDO SURVHFXWLQJ DWWRUQH\ WR GXPSLQJ FDVHV

6XFK DQ DSSURDFK FDQ KHOS HQVXUH WKDW FDVHV DUH

SURFHVVHG LQ D WLPHO\ DQG FRQVLVWHQW PDQQHU $ GHGLFDWHG

FDVHV DUH SUHSDUHG SURSHUO\ DQG KDYH WKH EHVW FKDQFH RI

D IDYRUDEOH UXOLQJ

$QRWKHU RSWLRQ LV WR OLPLW WKH IRFXV RI D FRXUW VHVVLRQ WR

HQYLURQPHQWDO FDVHV 7KLV DSSURDFK HVSHFLDOO\ ZKHQ

FDVHV DUH KHDUG E\ D GHGLFDWHG MXGJH RU KHDULQJ RIILFHU

SURYLGHV IRU FRQVLVWHQF\ LQ FDVH GLVSRVLWLRQ DQG SHQDOWLHV

&DVH6WXGLHV

& &KDUORWWH 1RUWK &DUROLQD 7KH FLW\ DQG FRXQW\

HVWDEOLVKHG DQ HQYLURQPHQWDO FRXUW IRU YLRODWLRQV RI

ORFDO DQG FRXQW\ HQYLURQPHQWDO ODZV 7KH FRXUW LV

OLPLWHG WR SURVHFXWLQJ PLVGHPHDQRUV LQYROYLQJ

GXPSLQJ RI OHVV WKDQ  SRXQGV RI ZDVWH $ UHODWHG

ZRUN JURXS LQFOXGHV IHGHUDO FRXQW\ VWDWH DQG ORFDO

ILUH VHZHU DQG SROLFH GHSDUWPHQW RIILFLDOV LQYROYHG LQ

HQIRUFHPHQW $Q\RQH FRQYLFWHG LV UHTXLUHG WR UXQ D

IXOOSDJH DGYHUWLVHPHQW LQ D QHZVSDSHU DSRORJL]LQJ IRU

WKH YLRODWLRQ 7KH &LW\ GRHV QR IXUWKHU EXVLQHVV ZLWK

FRQWUDFWRUV FRQYLFWHG RI HQYLURQPHQWDO FULPHV

&RQWDFW & 1LFNV :LOOLDPV 86 $WWRUQH\©V 2IILFH

 

& 6W &ODLU &RXQW\ ,OOLQRLV 7KH ,OOLQRLV (QYLURQPHQWDO

3URWHFWLRQ $JHQF\ ZRUNV FORVHO\ ZLWK WKH ORFDO 6WDWH©V

$WWRUQH\©V 2IILFH WR SURVHFXWH HQYLURQPHQWDO FDVHV

$ERXW  SHUFHQW RI WKH VWDWH©V DWWRUQH\©V WLPH LV

GHGLFDWHG WR LOOHJDO GXPSLQJ JUHDWO\ HQKDQFLQJ

SURVHFXWLRQ RI HQYLURQPHQWDO FDVHV DQG DOORZLQJ IRU

FROOHFWLRQ RI SHQDOWLHV DQG VLWH FOHDQXSV 7KH

SURJUDP©V UHSXWDWLRQ VHUYHV DV D GHWHUUHQW WR LOOHJDO

GXPSLQJ DQG KDV OHG WR WKH FOHDQXS RI PDQ\ VLWHV ,Q

DGGLWLRQ WKH VWDWH©V DWWRUQH\ VHUYHV DV DQ DGYLVRU WR

ORFDO HQIRUFHPHQW RIILFLDOV RQ VROYLQJ HQYLURQPHQWDO

SUREOHPV &RQWDFW 3HQQL /LYLQJVWRQ 6WDWH©V

$WWRUQH\©V 2IILFH  
7$5*(7('(1)25&(0(17

),(/'23(5$7,216



)LHOG RSHUDWLRQV WDUJHWLQJ LOOHJDO GXPSLQJ UHTXLUH  DQG  WKH VHPLQDUV ZHUH DWWHQGHG E\ RYHU

DSSURSULDWH RIILFHU WUDLQLQJ DXWKRULW\ HTXLSPHQW DQG SROLFH DQG ILUH RIILFHUV &RQWDFW WKH (QYLURQPHQWDO

VXUYHLOODQFH VWUDWHJLHV

7UDLQLQJ

/DZ HQIRUFHPHQW RIILFHUV DVVLJQHG WR LOOHJDO GXPSLQJ

SUHYHQWLRQ PXVW KDYH NQRZOHGJH RI DSSOLFDEOH ODZV DQG

RUGLQDQFHV WR EH HIIHFWLYH LQ WKH ILHOG 7UDLQLQJ PDWHULDOV

FDQ LQFOXGH ¦SRFNHW§ RU ¦VKRUW FKDUJH§ FDUGV RXWOLQLQJ

UHOHYDQW RUGLQDQFHV VDPSOH WLFNHWV RU WUDLQLQJ EXOOHWLQV

DQG PDQXDOV 6KRUW YLGHRWDSHV FDQ EH SOD\HG DW UROO FDOO

RU HQYLURQPHQWDO LVVXHV FDQ EH LQWHJUDWHG LQWR DFDGHP\

WUDLQLQJ SURJUDPV

6HYHUDO RUJDQL]DWLRQV SURYLGH WUDLQLQJ SURJUDP

GHYHORSPHQW DVVLVWDQFH

(3$  1DWLRQDO (QIRUFHPHQW 7UDLQLQJ ,QVWLWXWH

  RU KWWSZZZHSDJRYRHFDQHWL

0LGZHVW (QYLURQPHQWDO (QIRUFHPHQW $VVRFLDWLRQ

7UDLQLQJ 3URJUDPV &RRUGLQDWRU  

6RXWKHUQ (QYLURQPHQWDO (QIRUFHPHQW 1HWZRUN

7UDLQLQJ &RRUGLQDWRU  

1RUWKHDVW (QYLURQPHQWDO (QIRUFHPHQW 3URMHFW

7UDLQLQJ 3URJUDP 0DQDJHU  

:HVWHUQ 6WDWHV 3URMHFW

7UDLQLQJ 6HUYLFHV &RRUGLQDWRU  

&DVH6WXG\

& 1RUWKHUQ ,OOLQRLV 7KH ,OOLQRLV (QYLURQPHQWDO &ULPHV

,QYHVWLJDWRUV 1HWZRUN ZDV HVWDEOLVKHG E\ WKH VWDWH

$WWRUQH\ *HQHUDO©V 2IILFH 7KH QHWZRUN RIIHUV EDVLF

DZDUHQHVV VHPLQDUV WKDW VLPSOLI\ NH\ SURYLVLRQV LQ

HQYLURQPHQWDO FULPH VWDWXWHV WHDFK EDVLF LQYHVWLJDWLYH

WHFKQLTXHV DQG GHPRQVWUDWH KRZ DYDLODEOH VWDWH

UHVRXUFHV FDQ EH DVVHVVHG ,QVWUXFWRUV IURP VHYHUDO

GLIIHUHQW RUJDQL]DWLRQV SDUWLFLSDWH LQFOXGLQJ WKH (3$

VWDWH $WWRUQH\ *HQHUDO©V 2IILFH ,OOLQRLV (3$ VWDWH

SROLFH DQG &RRN &RXQW\ 6WDWH©V $WWRUQH\©V 2IILFH ,Q

&ULPHV %XUHDX  

$XWKRULW\

2IILFLDOV PXVW KDYH WKH SURSHU DXWKRULW\ WR FRQGXFW

VXUYHLOODQFH LQVSHFWLRQV DQG LQYHVWLJDWLRQV ,Q PDQ\

LQVWDQFHV ORFDO VWDWH DQG IHGHUDO RIILFLDOV DOO KDYH VRPH

OHYHO RI DXWKRULW\ DQG LQYROYHPHQW LQ LOOHJDO GXPSLQJ 7KLV

FDQ OHDG WR LQFRUUHFW DVVXPSWLRQV WKDW DQRWKHU SDUW\ ZLOO

DGGUHVV SUREOHPV ,Q DUHDV ZKHUH DXWKRULWLHV RYHUODS

FOHDU GHILQLWLRQ RI MXULVGLFWLRQV SUHYHQWV GXSOLFDWLRQ RI HIIRUW

DQG LQFUHDVHV WKH HIIHFWLYHQHVV RI OLPLWHG UHVRXUFHV

,Q RWKHU FDVHV RIILFLDOV ZLWK LQVXIILFLHQW UHVRXUFHV DQG

DXWKRULW\ PD\ KDYH SULPDU\ UHVSRQVLELOLW\ UHVXOWLQJ LQ DQ

LQDGHTXDWH UHVSRQVH $OWKRXJK D PXQLFLSDO DJHQF\ PD\

EH EHWWHU VLWXDWHG WR UHVSRQG WR DQ LQFLGHQW WKDQ WKH VWDWH

WKH DJHQF\ PD\ ODFN WKH UHVRXUFHV WR DGHTXDWHO\

SURVHFXWH FDVHV XQGHU WKH DSSURSULDWH ODZV

,I DXWKRULW\ LV GHOHJDWHG WR D ORFDO HQWLW\ E\ WKH VWDWH RU

FRXQW\ D ZULWWHQ GHOHJDWLRQ DJUHHPHQW FDQ EH HVWDEOLVKHG

WR WUDQVIHU DXWKRULW\ DQG FOHDUO\ GHILQH UHVSRQVLELOLWLHV

2QFH MXULVGLFWLRQV DUH GHILQHG FRQWLQXRXV FRPPXQLFDWLRQ

DQG FRRUGLQDWLRQ EHWZHHQ VWDNHKROGHUV DUH HVVHQWLDO

&DVH6WXG\

& 6RXWKZHVWHUQ ,OOLQRLV 7KH ,OOLQRLV 'HOHJDWLRQ

$JUHHPHQW EHWZHHQ ,OOLQRLV (3$ DQG 6W &ODLU DQG

0DGLVRQ &RXQWLHV GHOHJDWHV LOOHJDO GXPSLQJ

VXUYHLOODQFH DQG HQIRUFHPHQW DXWKRULWLHV XQGHU WKH

,OOLQRLV (QYLURQPHQWDO 3URWHFWLRQ $FW &RRUGLQDWLRQ KDV

LQFUHDVHG EHWZHHQ WKH VWDWH DQG ORFDO DJHQFLHV VXFK

DV ORFDO VKHULII©V GHSDUWPHQWV DV D UHVXOW RI WKH

DJUHHPHQW ,Q 6W &ODLU &RXQW\ KHDOWK DQG VKHULII©V

GHSDUWPHQW RIILFLDOV RIWHQ FRQGXFW VXUYHLOODQFH DQG

HQIRUFHPHQW DFWLYLWLHV WRJHWKHU ,Q DGGLWLRQ WUDLQLQJ

SURJUDPV DGGUHVVLQJ HQYLURQPHQWDO FULPH KDYH EHHQ

KHOG IRU ORFDO SROLFH GHSDUWPHQWV &RQWDFW .HQ

0HQVLQJ ,OOLQRLV (3$  
7$5*(7('(1)25&(0(17

),(/'23(5$7,216



(TXLSPHQW

3URSHU HTXLSPHQW LV QHHGHG WR VXSSRUW ILHOG RSHUDWLRQV

LQFOXGLQJ

& 5DGLRV FHOOXODU WHOHSKRQHV RU SDJHUV

& 6SRWOLJKWV RU QLJKWYLVLRQ JHDU

& 3RODURLG PP RU GLJLWDO FDPHUDV

& 1RWHERRNV RU WDSH UHFRUGHUV

& &LWDWLRQ ERRNV

& &KHFNOLVWV VXPPDUL]LQJ ODZV DQG RUGLQDQFHV

7KLV HTXLSPHQW LV DYDLODEOH IURP WKH WDFWLFDO RU

LQYHVWLJDWLRQ XQLWV RI ORFDO FRXQW\ DQG VWDWH SROLFH

DJHQFLHV $V DJHQFLHV REWDLQ QHZ HTXLSPHQW ROG

HTXLSPHQW PD\ EH DFTXLUHG DW D UHGXFHG SULFH RU PD\ EH

DYDLODEOH RQ ORDQ IRU LOOHJDO GXPSLQJ SUHYHQWLRQ

6XUYHLOODQFH

9DULRXV VXUYHLOODQFH PHWKRGV DQG WHFKQLTXHV H[LVW WR

LGHQWLI\ LOOHJDO GXPSHUV DQG VXSSRUW WKHLU SURVHFXWLRQ

LQFOXGLQJ

& 6WDNHRXWV

& 9LGHR PRQLWRULQJ

& 3DWUROV

& &RPPXQLW\ DVVLVWDQFH

$W NQRZQ GXPS VLWHV VWDNHRXWV XVLQJ XQPDUNHG YHKLFOHV

RU VWUXFWXUHV DQG QLJKWYLVLRQ HTXLSPHQW PXVW WDNH SODFH

GXULQJ SHDN GXPSLQJ KRXUV W\SLFDOO\ GXULQJ WKH ODWH

HYHQLQJ RU HDUO\ PRUQLQJ 9LGHR FDPHUDV FDQ EH PRUH

FRVWHIIHFWLYH WKDQ VWDNHRXWV EHFDXVH OLPLWHG PDQSRZHU

LV UHTXLUHG ,I FDPHUDV DUH SXUFKDVHG FDSLWDO

PDLQWHQDQFH DQG RSHUDWRU WUDLQLQJ FRVWV PXVW EH

FRQVLGHUHG &RQWUDFWLQJ ZLWK D VXUYHLOODQFH FRPSDQ\ WR

SURYLGH LQVWDOO DQG PDLQWDLQ FDPHUDV FDQ PLQLPL]H FRVWV

SDUWLFXODUO\ IRU VKRUWWHUP RU VSRUDGLF DFWLYLW\ (QIRUFHPHQW

RIILFLDOV VKRXOG FRQILUP WKH DGPLVVLELOLW\ RI YLGHR HYLGHQFH

LQ FRXUW EHIRUH LQLWLDWLQJ D YLGHR VXUYHLOODQFH SURJUDP

3DWUROOLQJ DUHDV ZKHUH GXPSLQJ LV OLNHO\ WR RFFXU PD\ OHDG

WR FDWFKLQJ LOOHJDO GXPSHUV LQ WKH DFW WKXV LQFUHDVLQJ WKH

OLNHOLKRRG RI WKHLU VXFFHVVIXO SURVHFXWLRQ $ OLFHQVLQJ

V\VWHP UHTXLULQJ SODFDUGV RU RWKHU LGHQWLILFDWLRQ IRU ZDVWH

KDXOHUV FDQ DVVLVW LQ LGHQWLI\LQJ SRWHQWLDO GXPSHUV $OVR

ULVLQJ VPRNH LV D SRWHQWLDO LQGLFDWRU RI LOOHJDO GXPSLQJ

EHFDXVH RSHQ EXUQLQJ PD\ DOVR EH WDNLQJ SODFH

5HVLGHQWV PD\ EH ZLOOLQJ WR DVVLVW LQ VXUYHLOODQFH E\

FRPPXQLFDWLQJ WKHLU REVHUYDWLRQV WR HQIRUFHPHQW RIILFLDOV

,Q DGGLWLRQ ORFDO SURSHUWLHV FDQ EH XVHG IRU VWDNHRXWV RU

LQVWDOODWLRQ RI YLGHR FDPHUDV &LWL]HQV PXVW EH DZDUH RI

ZKDW FRQVWLWXWHV LOOHJDO DFWLYLW\ DQG PXVW XQGHUVWDQG ZKDW

LQIRUPDWLRQ LV QHHGHG DERXW DQ LOOHJDO GXPSHU VXFK DV D

YHKLFOH GHVFULSWLRQ DQG OLFHQVH QXPEHU $ KRWOLQH IRU

QRWLI\LQJ DXWKRULWLHV FRPELQHG ZLWK D UHZDUG V\VWHP IRU

LQIRUPDWLRQ OHDGLQJ WR D FRQYLFWLRQ HQFRXUDJHV FRPPXQLW\

LQYROYHPHQW

&DVH6WXGLHV

& 6W &ODLU &RXQW\ ,OOLQRLV $ GHSXW\ IURP WKH FRXQW\

6KHULII©V 'HSDUWPHQW LV DVVLJQHG VROHO\ WR

HQYLURQPHQWDO FULPH HQIRUFHPHQW DFWLYLWLHV LQ UXUDO

DUHDV 8VLQJ D VWDQGDUG VTXDG FDU WKH GHSXW\ SDWUROV

WKH DUHDV VHHNLQJ WR FDWFK LOOHJDO GXPSHUV LQ WKH DFW

DQG ZDWFKHV IRU ULVLQJ VPRNH IURP RSHQ EXUQLQJ IURP

D KLJK YDQWDJH SRLQW &LWDWLRQV DUH FRPPRQO\ LVVXHG

IRU RSHQ GXPSLQJ DQG RSHQ EXUQLQJ RI UHIXVH DQG WLUHV

&RQWDFW /W 6WHYH 6DXQGHUV &RXQW\ 6KHULII©V

'HSDUWPHQW   H[WHQVLRQ 

& 1HZ <RUN 1HZ <RUN 8QGHU WKH ¦,OOHJDO 'XPSLQJ

$ZDUG 3URJUDP§ D FLWL]HQ REVHUYLQJ GXPSLQJ DQG

FRPSOHWLQJ DQ DIILGDYLW OHDGLQJ WR D FRQYLFWLRQ LV

HOLJLEOH IRU D UHZDUG RI  SHUFHQW RI WKH FROOHFWHG ILQH

7KH FLWL]HQ PXVW DSSHDU DW D KHDULQJ LI WKH UHVSRQGHQW

FKDOOHQJHV WKH FKDUJHV 8QGHU WKH ¦,OOHJDO 'XPSLQJ

7LS 3URJUDP§ D FLWL]HQ SURYLGLQJ LQIRUPDWLRQ OHDGLQJ WR

D GXPSHU EHLQJ FDXJKW LQ WKH DFW LV HOLJLEOH IRU D

UHZDUG RI  SHUFHQW RI WKH FROOHFWHG ILQH 7KH FLWL]HQ

LV QRW UHTXLUHG WR DSSHDU DW D KHDULQJ DQG KLV RU KHU

LGHQWLW\ UHPDLQV FRQILGHQWLDO &RQWDFW 5LFKDUG 'L3LHWUR

6DQLWDWLRQ $FWLRQ &HQWHU  
352*5$00($685(0(17

75$&.,1*$1'(9$/8$7,21



7UDFNLQJ DQG HYDOXDWLRQ PHWKRGV VKRXOG EH XVHG WR

PHDVXUH WKH LPSDFW RI LOOHJDO GXPSLQJ SUHYHQWLRQ HIIRUWV

DQG GHWHUPLQH ZKHWKHU JRDOV DUH EHLQJ PHW %DVHOLQH

ILJXUHV PXVW EH HVWDEOLVKHG IRU LQGLFDWRUV VXFK DV DQQXDO

FOHDQXS FRVWV IDFLOLW\ FRPSOLDQFH DUUHVWV FRQYLFWLRQV ILQH

FROOHFWLRQ FRPSODLQWV DQG QXPEHUV RI SUREOHP VLWHV

7UDFNLQJ

(OHFWURQLF PDSSLQJ V\VWHPV XVH FRPSXWHUL]HG PDSV DQG HIIRUWV &RXUW UHFRUGV FDQ EH HYDOXDWHG WR GHWHUPLQH WKH

RYHUOD\V $ PDS RI D SDUWLFXODU DUHD LV XVHG DV D EDVH W\SLFDO GLVSRVLWLRQ RI FDVHV ZKLFK PD\ OHDG WR D GLIIHUHQW

DQG RYHUOD\V DUH FUHDWHG IRU HDFK W\SH RI LQIRUPDWLRQ EHLQJ DSSURDFK LQ GHDOLQJ ZLWK RIIHQGHUV )LQDOO\ SHULRGLF

WUDFNHG 6XFK LQIRUPDWLRQ FDQ LQFOXGH FRPPRQ GXPSLQJ PHHWLQJV RI ILHOG SHUVRQQHO WR GLVFXVV REVHUYDWLRQV DQG

ORFDWLRQV IDFLOLWLHV LQVSHFWLRQ RU YLRODWLRQ KLVWRULHV WUHQGV FDQ OHDG WR FRQWLQXRXV SURJUDP LPSURYHPHQW

VXUYHLOODQFH UHSRUWV RU SROLFH GLVWULFWV ,QGLYLGXDO SURJUDP

HOHPHQWV FDQ EH LQGHSHQGHQWO\ REVHUYHG RU YLHZHG

WRJHWKHU VR WKDW UHODWLRQVKLSV DQG WUHQGV FDQ EH LGHQWLILHG

)RU H[DPSOH E\ YLHZLQJ WKH ORFDWLRQV RI SUREOHP DUHDV

WRJHWKHU ZLWK WKH ORFDWLRQV RI SHUPLWWHG IDFLOLWLHV D

FRQQHFWLRQ PD\ EH LGHQWLILHG ,Q DGGLWLRQ D SDUWLFXODU

GXPS VLWH FDQ EH LPPHGLDWHO\ UHIHUHQFHG WR GHWHUPLQH WKH

GDWH RI WKH ODVW LQVSHFWLRQ DQG ZKHWKHU D FLWDWLRQ ZDV

ZULWWHQ

6HYHUDO PDSSLQJ WHFKQLTXHV FDQ EH XVHG WR HOHFWURQLFDOO\

PDS LOOHJDO GXPSLQJ LQIRUPDWLRQ *HRJUDSKLF LQIRUPDWLRQ

V\VWHPV *,6 VXFK DV $UF9LHZ DQG /DQGYLHZ  DQG SXEOLF  

GRPDLQ PDSSLQJ SURJUDPV VXFK DV &LWLPDS DQG 7,*(5

DUH FRPPRQO\ XVHG 7KH &HQVXV %XUHDX SURYLGHV

PDSSLQJ VHUYLFHV RQOLQH DW KWWSZZZFHQVXVJRY ,Q

DGGLWLRQ PXFK RI WKH VDPH LQIRUPDWLRQ WKDW LV WUDFNHG

HOHFWURQLFDOO\ FDQ EH VLPSO\ KDQGGUDZQ RQ PDSV

7KH VWDWXV RI RQJRLQJ DQG SHQGLQJ HQIRUFHPHQW DFWLYLWLHV

VXFK DV YLRODWLRQV ILQHV FROOHFWHG DQG WKH VWDWXV RI FRXUW

FDVHV FOHDQXS DFWLYLWLHV DQG LQVSHFWLRQ DQG VXUYHLOODQFH

UHSRUWV FDQ EH HQWHUHG LQWR D FRPSXWHU GDWDEDVH

3ULQWRXWV FDQ GLVSOD\ XSWRGDWH GDWD FRQFHUQLQJ WKH VWDWXV

RI LQGLYLGXDO FDVHV RU DQ RYHUDOO SUHYHQWLRQ SURJUDP 8VH

RI D GLJLWDO FDPHUD WR GRFXPHQW VLWH DFWLYLWLHV FDQ VXSSRUW

HQIRUFHPHQW FDVHV

(YDOXDWLRQ

(YDOXDWLRQ RI LQIRUPDWLRQ EHLQJ WUDFNHG DOORZV IRU

LGHQWLILFDWLRQ RI QHHGHG DGMXVWPHQWV DQG DOORFDWLRQ RI

UHVRXUFHV WR LPSURYH WKH HIIRUW ,QIRUPDWLRQ JDWKHUHG IRU

D GHILQHG SHULRG FDQ EH FRPSDUHG WR EDVHOLQH ILJXUHV LQ

RUGHU WR DVVHVV SURJUDP SHUIRUPDQFH $UUHVW UHFRUGV RU

YLRODWLRQV FDQ EH HYDOXDWHG WR DGMXVW VXUYHLOODQFH

VFKHGXOHV RU WDUJHW DXGLHQFHV IRU RXWUHDFK DQG HGXFDWLRQ

&DVH6WXGLHV

& &KLFDJR ,OOLQRLV 7KH FLW\ HVWDEOLVKHG D *,6 XVLQJ

WKH FLW\©V ¦§ HPHUJHQF\ PDS DV D EDVH ,QGLYLGXDO

RYHUOD\V DUH PDLQWDLQHG IRU YHKLFOH LPSRXQGPHQW

UHFRUGV HQIRUFHPHQW FDVHV ORFDWLRQV RI SHUPLWWHG

IDFLOLWLHV VXFK DV WUDQVIHU VWDWLRQV DQG UHF\FOHUV

FRPSODLQWV LQVSHFWLRQ DQG VXUYHLOODQFH ORFDWLRQV

SROLFH GLVWULFWV FRPPXQLW\ JURXSV DQG GHPRJUDSKLFV

7KH V\VWHP VXFFHVVIXOO\ WUDFNV WKH VWDWXV RI

HQIRUFHPHQW DFWLYLWLHV WKURXJKRXW WKH FLW\ &RQWDFW

$OH[DQGUD +ROW 'HSDUWPHQW RI (QYLURQPHQW

 

& 6W /RXLV 0LVVRXUL 7KH 7UDVK 7DVN )RUFH WUDFNV

DQG PRQLWRUV LOOHJDO GXPSLQJ HQIRUFHPHQW FDVHV XVLQJ

D FRPSUHKHQVLYH WDEOH WKDW OLVWV DUUHVW GDWHV VXVSHFW

QDPHV UHZDUGV DUUDLJQPHQW GDWHV WULDO GDWHV

FRQWLQXDWLRQ GDWHV GLVSRVLWLRQV GRFNHW QXPEHUV DQG

DUUHVWLQJ RIILFHUV 7KXV WKH WDVN IRUFH DOZD\V KDV XS

WRGDWH GDWD DYDLODEOH WR PRQLWRU WKH VWDWXV RI LQGLYLGXDO

FDVHV DV ZHOO DV WKH HQIRUFHPHQW SURJUDP©V RYHUDOO

SURJUHVV &RQWDFW -HII 7RZHUV 7UDVK 7DVN )RUFH

 
352*5$00($685(0(17

75$&.,1*$1'(9$/8$7,21



/HJHQG IRU FRPPXQLW\ PDS LGHQWLI\LQJ LOOHJDO

GXPSLQJ DUHDV

&RPPXQLW\ PDS LGHQWLI\LQJ LOOHJDO GXPSLQJ DUHDV DQG

VWUXFWXUHV WKDW DUH YDFDQW RU VKRXOG EH GHPROLVKHG

& (DVW 6W /RXLV ,OOLQRLV 1HZ 6SLULW D FRPPXQLW\

RUJDQL]DWLRQ XVHV KDQGGUDZQ PDSV RI LQGLYLGXDO

QHLJKERUKRRGV WR FRPSLOH LQIRUPDWLRQ RQ VFUDS WLUH

SLOHV DEDQGRQHG KRXVLQJ RU YHKLFOHV DQG EXLOGLQJV

UHTXLULQJ GHPROLWLRQ 6XFK DUHDV WHQG WR DWWUDFW LOOHJDO

GXPSLQJ &RPPXQLW\ PHPEHUV XVH WKH PDSV WR REWDLQ

IXQGLQJ IRU GHPROLWLRQ FRRUGLQDWH FOHDQXS DQG

SUHYHQWLRQ HIIRUWV DQG UDLVH DZDUHQHVV DPRQJ

UHVLGHQWV DQG JRYHUQPHQW RIILFLDOV &RQWDFW 1HZ

6SLULW  

& 'HWURLW 0LFKLJDQ ,OOHJDO GXPSLQJ GDWD IURP SROLFH

ILOHV DQG FRXUW UHFRUGV ZDV HYDOXDWHG $UUHVW UHFRUGV

UHYHDOHG WKDW  SHUFHQW RI WKH GXPSLQJ DUUHVWV

RFFXUUHG EHWZHHQ  SP DQG  PLGQLJKW 

SHUFHQW RI WKH GXPSLQJ DUUHVWV WRRN SODFH RQ

7XHVGD\V DQG :HGQHVGD\V  SHUFHQW RI WKH YHKLFOHV

XVHG ZHUH SLFNXS WUXFNV DQG  SHUFHQW RI WKH

RIIHQGHUV UHVLGHG ZLWKLQ WKH FLW\ 7KH GDWD ZDV XVHG

WR PDNH DGMXVWPHQWV LQ VXUYHLOODQFH VFKHGXOHV DQG

WDFWLFV &RXUW UHFRUGV UHYHDOHG WKDW  SHUFHQW RI

RIIHQGHUV GLG QRW SD\ ILQHV LPSRVHG DQG ZHUH LVVXHG

OLHQ ZDUUDQWV &RQWDFW *UHJRU\ 0RRUH (QYLURQPHQWDO

$IIDLUV 'HSDUWPHQW  
(3$

8QLWHG 6WDWHV(QYLURQPHQWDO 3URWHFWLRQ $JHQF\5HJLRQ  ':- :HVW -DFNVRQ %RXOHYDUG&KLFDJR ,/ 2IILFLDO %XVLQHVV3HQDOW\ IRU 3ULYDWH 8VH